In case you hadn’t noticed, India is in the midst of an unprecedented digital revolution. The events, that have transpired in the past two years, have culminated together to usher the world’s second most populous nation into the digital age. This has had far-reaching effects on India’s 1.3 billion inhabitants, as well as stimulating the burgeoning digital technology industry in the region. We’ve seen the explosion in smartphone adoption as well as data and video consumption, but one vertical has flown under the radar until now. We are referring to the digital music streaming industry, which has failed to really take off in India so far.
However, that looks set to change in the very near future, as companies both in India and across the world are looking to battle it out for control of a market which has the potential to be a veritable goldmine. The latest piece of evidence for this comes in the form of news that Reliance Industries has agreed to buy out popular music streaming platform Saavn in a $104 million cash and stock deal.
Let us look at the current digital music streaming scenario in India, where it is headed and what opportunities it affords for those looking to get involved.