To discuss the changing landscape of the Indian music industry after digitization many artists, music composers, sound designers and recordists, as well as CEOs of big music labels, come together to attend a music conference organized by Loudest.in at JW Marriott, Mumbai. During the event, Neeraj Roy, Founder-CEO, Hungama Digital Media Entertainment, said that the Indian music market has a great potential to grow in the next five years and estimated that by 2024 the Indian music market is likely to be the top ten music markets in the world.
Jay Mehta, Director of Digital Business, Sony Music India pointed out that with an online streaming platform the distance between artists and consumers has reduced. Whether a singer is a well-known artist or a rookie, they have the same chances of reaching out to the audience, because they have access to the same channels.
With the rising popularity of online streaming videos like Youtube, Tarun Katial of Zee5 India said that the music industry needs to find a way 'to go behind the paywall' and make consumers seek value for the music so that they pay for it. Artists like Shubha Mudgal, Papon, Jasbir Jassi also participated in various panel discussions. Last year, the two-day event saw a footfall of over 80 speakers, 35 panels, numerous artists, brands and over 500 delegates.