MUMBAI: Indian music industry today stands nineteenth in the global music market, as per a report by International Phonographic Industry. Currently, the Indian market is valued at 850 crore, including revenues from digital and video streams. However, the industry has to fight a staggering loss of Rs 1500 crore due to piracy through illegal sites, a challenge almost battled by China market.

For Indian music industry, to be in top ten in the next decade, there are many calculated steps that needs to be taken. Best take-away at Dialogue- Indian Music Convention, by the biggest four barons of Indian Music Industry, namely Kumar Taurani-Chairman and MD-Tips Industries, Mandar Thakur-CEO Times Music, Anurag Bedi-Zee Music, Devraj Sanyal-MD and CEO-Universal Music (also the moderator for the session).

1. Kumar Taurani, who has seen the transformation of the industry from the cassettes era to the digital market, said that the consumption is happening right now and a predication sees multi-fold in next three years and tie- one and two cities would play a critical role. Monetisation will follow consumption if no music would be free.

2. Anurag Bedi insisted on how education to music platforms is required. As controlling piracy is a prime issue and almost 50-60% of revenue is lost to piracy. India, as a country, is not used to consume music on internet, therefore awareness and education is essential.

3. Identifying that there is a value chasm instead of value gap in the industry, Mandar Thakur observed that this chasm is one of the biggest hurdles.

4. Devraj Sanyal, re-emphasised on the importance of innovation. According to him, innovation is a big and a game-changer.

All four of them resonated that regional labels will play a crucial role in boosting the market up to top ten and hence conducive environment for regional music needs to be nurtured.

Revelations made at the panel were:

1. Two of the lowest music economies in the world are India and Thailand.

2. If the valuation of USA music market is at $ 21, India is at mere 10 cents.

3. A minimum of 40% of population needs to use legal and paid mediums for music in order for a break-through.

4. India ranks 14 when it comes to digital medium; 16 at streaming; Sync at 7 and performances at 32.

5. The recorded industry has grown to 725 crore but still leaves a lot to be desired.