Universal Music India believes the Indian music market is on the path to maturity and could become a highly influential paid subscription market within the next five years, as the industry shifts its focus toward monetised music consumption. Despite India’s massive population, only a small fraction currently pays for music services, indicating significant scope for expansion.
Devraj Sanyal, chairman and chief executive officer for India and South Asia at Universal Music Group, said that around 15 million people in India presently pay for music subscriptions in a country with more than one and a half billion people.
He pointed out that the cost of a single cup of coffee is often enough to purchase monthly access to platforms such as Spotify, Apple Music, or YouTube Music, all of which provide fully licensed and legitimate music. According to him, it is only a matter of time before India becomes a highly impactful paid market.
His comments come at a time when the Indian music industry reported a two per cent decline in revenue in 2024. This dip was attributed to efforts by digital streaming platforms to discourage free music consumption, along with a reduction in streaming royalty rates. While these measures led to an increase in paid subscribers from 8 million to 10.5 million during the year, the overall listening audience declined from 185 million to 175 million, as noted in a joint report by FICCI and EY.
Sanyal highlighted that India’s ecosystem of nearly a billion smartphones and SIM connections, combined with some of the world’s cheapest data rates, offers enormous potential for growth. He said this environment creates substantial opportunities not only for the wider music industry but also for all business segments of Universal Music India.
Describing India as a critical global market, Sanyal said the company plans to invest aggressively across its operations in the country. He emphasised that Universal Music Group views India as one of the most exciting emerging markets in the region and is committed to long term growth, regardless of the scale of investment required.
The company expects double digit growth in the coming years by leveraging its diverse portfolio, which includes talent management, brand partnerships, merchandising, fandom initiatives, film soundtracks, independent and non film music, regional content, publishing, and distribution.
Sanyal also noted that Universal Music Group for Brands currently ranks fourth globally. The division has collaborated with brands across sectors such as fast moving consumer goods, banking and financial services, insurance, automobiles, and telecommunications.
In 2025, Universal Music India re entered the film soundtrack business after a long gap by signing a strategic partnership with Maddock Films. Under the agreement, the company has already released music for mainstream Bollywood projects, including Sidharth Malhotra starrer Param Sundari and Thamma, which is part of Maddock Films’ horror comedy universe.
Sanyal said the company is focused on building long term strategic relationships rather than pursuing single film deals. He added that several major partnerships are expected to be announced soon, which will play an important role in shaping the future of Indian storytelling.
The developments follow Saregama India’s recent investment in Bhansali Productions, under which the production house will exclusively license all future film music to Saregama. This move is expected to further strengthen competition and growth in India’s music licensing space.
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