A Rs. 1,000 Crore Industry: Live Music Concerts Are Now A Business In India

India is home to many music festivals, ranging from the folk and rock-dominated Ziro and Hornbill in the northeast to the muti-genre NH7 weekender to the iconic Independence Rock, which set the ball rolling for rock shows in India. On the other end, there are VH1 Supersonic and Sunburn Festival, which celebrate EDM (electronic dance music), techno, electronica, psychedelic, et al. The live music scene has grown by leaps and bounds and is set to be a whole-blown industry now.

According to a report titled The Music Creator Economy — The Rise of Music Publishing in India 2023 by consulting firm EY, India’s music concerts are expected to generate revenue of ₹1,000 crore by 2025. With around 20-25 major music and food festivals organized each year, these events attract nearly 1.5 million unique attendees, showcasing the growing popularity of music festivals in India.

Also Read: Music, Makeup, and Magic: Get Inspired by Makeup Creators for your Next Concert!

The 7-Year Growth

The number of concerts with an audience size of over 5,000 people stood at 200 in 2018 and is poised to grow to 300 in 2025. The highest growth is expected in concerts with audiences of under 2,000 —  more than double from 7,000 to 15,000.

Number of music concerts	2018	2025
5,000+	200	300
2,000-5,000	800	1,400
<2,000	7,000	15,000
Total	8,000+	16,700+

The global music tourism market is anticipated to grow at a compounded annual rate (CAGR) of 7% from 2022 to 2032, with the Asia-Pacific region expected to be the fastest-growing market in this period.

The Moneys

EY conducted a survey involving 500 music creators. The study revealed that one-time payments in the form of upfront fees, and live performances, were the primary sources of income for most respondents. In addition, the other sources of income included one-time, on-call opportunities such as session work, and creating content for music labels or film producers.

Apart from that, live music shows contributed to the earnings of ticketing companies which earn commissions on ticket sales and charge convenience fees for other services. Another industry associated with live shows is Food and Beverages. F&B stalls at concert venues have become an obvious necessity. The offerings are often sold at a premium, helping concessionaries rake in higher profits.

This Year In Review

2023 has been an eventful year, with the debut edition of Lollapalooza India starting the year on a high note, followed by pop icons and millennial favourites Backstreet Boys, who returned to India after 13 years. The last fortnight of the year looks equally promising with British hard rock legends Deep Purple and American rock darlings Goo Goo Dolls headlining the inaugural edition of India’s Bandland Festival.

One of the notable food and entertainment carnivals that has gained traction in India in recent times is Zomaland, organised by food-tech giant Zomato. Falguni Nayar-led beauty e-tailer Nykaa also launched its live event, Nykaaland this year which saw an interesting fusion of makeup and skincare enthusiasts along with live music. There are also various college festivals and other informal shows that pull crowds in huge numbers and celebrate the true essence of live music.

Music Tourism On The Rise

The global music tourism market is expected to grow at a compounded annual rate of 7% from 2022 to 2032. The Asia-Pacific region is projected to be the fastest-growing market during this period, showcasing the immense potential for music tourism. India’s thriving live music scene and the increasing number of music festivals contribute to the overall growth of the global music tourism market.

It’s clear that India’s live music industry is booming and the best is yet to come. With an array of talented artists and a growing number of music festivals, the future looks bright for the Indian music industry. International artists are keen on performing in India, and as the year inches closer to the end, we sincerely hope that 2024 has bigger shows, louder cheers and more momentous tours.