The Indian music market is a tough one to crack, it is growing daily and according to the International Federation of the Phonographic Industry (IFPI), India will soon emerge as a top 10 global music market.
In a move aimed at shocking the likes of Spotify and YouTube Music (launched in India last week) JioSaavn may have permanently reduced its annual Pro subscription price by 75%!
Previously available at Rs 999 ($14.49), an annual subscription to JioSaavn Pro now costs Rs 299 ($4.34). In turn, Spotify’s annual Premium subscription costs Rs 1,189 ($17.24).According to a separate report, JioSaavn Pro’s new deal will just cost Rs 299 ($4.34) for the first year. Then, the annual subscription price will increase to Rs 399 ($5.79) for the following year, suggesting the deep discount may be permanent.
JioSaavn has over 900+ label partnerships, including Sony, Universal, and Warner Music. The streaming music service has a catalog of over 45 million songs and original content in 15 languages.
Last April, the global organization found India’s total music industry revenue grew 27% to Rs 725.6 crore ($102.5 million) in 2017. Driven primarily by streaming music revenue — which rose 37.3% — digital music revenue now accounts for 91% of India’s recorded music revenue.
Gaana, the market leader, currently boasts over 80 million users in the region. Keep in mind India has around 150 million total music app users (and rising).
Like Spotify, Gaana offers music fans two tiers of service: a free, ad-supported service and a subscription-based model. The company reportedly brings in $5 million in revenue each year. Despite having millions of users on the service, however, its CEO admitted Gaana’s paid subscriber base is in the lower single digit million mark – it has yet to pass 10 million.
Hungama, another strong competitor in India, has recently confirmed its user base had grown 48% last year alone. The service also had a 22% increase in average listening time.