Even today, conversations among music executives often hark back to 1999, when the popularity of CDs brought annual global recorded music revenue to its all-time high of $14.6 billion. “India was never a CD market, and we never really had a download business either,” Shridhar Subramaniam, Head of Sony Music India, told me. This doesn’t necessarily mean that Indian music and media are cheap or undesirable. In this respect, the three global majors—Sony Music Entertainment, Universal Music Group and Warner Music Group—face tough competition from what some call the "local majors." Such work will be necessary as a growing number of international music companies look to India as their next frontier.

Source: Forbes September 23, 2017 17:26 UTC