Indian Performing Right Society (IPRS) Ranks 4th in Asia-Pacific for Revenue Growth; Record 92.5% Increase in Income

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Anaum Shaikh

Mumbai, 1st November 2023: In the recently unveiled International Confederation of Societies of Authors and Composers (CISAC) Global Collections Report 2023, The Indian Performing Right Society Ltd. (IPRS) made a notable mark by securing the 4th position in terms of revenues among societies in the Asia-Pacific region, based on 2022 data collections. India, on the other hand, climbed from its previous 47th position in 2018 to the 23rd spot among the top 50 societies worldwide in music collections. IPRS achieved an exceptional feat by recording a 92.5% increase in revenue, collecting EUR 68 million in 2022, reflecting the thriving music industry in India.

This growth in India was attributed to the recovery in General Public Performance, events, background music, television broadcasting income, and a surge in digital revenue throughout the year. A significant shift was observed as IPRS reduced its reliance on digital revenue, accounting for 67.1% of the income pool in FY 2022-2023, down from over 80% in the previous fiscal year.

The positive development signifies both stability for IPRS and growth in the Indian music market. It also reflects the changing landscape of India’s music industry, with digital revenue growing by a staggering 532.7% from 2019 to 2022. The government’s support in reinforcing creators’ rights has played a crucial role in IPRS’s success.

Additionally, IPRS has undertaken the responsibility of assisting neighboring countries in establishing collection societies, such as Nepal, Sri Lanka, and Bangladesh, further strengthening its presence in the industry.

Commenting on these achievements, Mr. Javed Akhtar, Chairman of IPRS, expressed immense pride in IPRS’s role in advocating for music creators’ rights in India. He highlighted the challenges and the changing landscape in the music industry due to streaming and looked forward to adapting to the opportunities and challenges that AI is set to bring.

Bjorn Ulvaeus, CISAC President emphasized the impact of AI on creators’ collections, stressing the need for international leadership and unity in the creative industry.

Mr. Rakesh Nigam, CEO of IPRS, acknowledged the society’s role in safeguarding royalty rights and the significant growth, particularly in the digital domain, while remaining committed to fostering a thriving environment for creators and enhancing India’s position on the global music stage.

The global music industry witnessed a remarkable resurgence, with total global royalties collected from creators reaching a record high of EUR 10.83 billion in 2022, marking a significant 28% increase as the world emerged from the pandemic. This growth was attributed to a rebound in live performances, public events, and a continuous expansion in digital revenue, with global royalties from digital sources exceeding EUR 4.1 billion.

IPRS is India’s sole Copyright Society registered under the Copyright Act of 1957, representing over 10,000 renowned authors, composers, and music publishers.

CISAC, is a global network of authors’ societies, safeguarding the rights and interests of creators worldwide with over four million creators in music, audio-visual, drama, literature, and visual arts.