IMAGINE this Rs 750-crore industry. Several agile players have shaken the foundation of a 90-year monopoly; a new and successful product is born every day; new advertising options are demolishing traditional marketing assumptions; and the market just keeps on growing, faster and faster.
Exciting? Welcome to the Indian music industry, circa 1996.
Monopoly, Move Over: In the organised sector, HMV dominates in most musical categories but competition keeps the company on its toes. In the Hindi film music category, which has a 70 per cent share of the total market, upstarts like Tips, Venus and Time and a rejuvenated Polygram spring surprises with astonishing regularity.
In non-film music (around 20 per cent market share), HMV’s products are frequently edged out by BMG Crescendo and Magnasound. In international music (10 per cent share), Polygram and BMG Crescendo, with an impressive ensemble of old favourites and new stars, can hog the limelight just as easily.
Tracking Sound: Tips, Venus, Time...where were they just a...