Audio streaming platforms guess on subscriptions mannequin for development

Having constructed a robust client base through the years via music, audio streaming platforms are betting on the subscription mannequin to drive the subsequent section of development, trade executives informed ET.

Music labels like Saregama, the most important content material provider for audio OTTs, are serving to these platforms pivot to a subscription after counting on the ad-supported mannequin for years.

As per a FICCI EY report, the OTT audio phase will develop from 7-8 million music streaming subscribers to 15 million by 2026 if costs stay unchanged and the trade aligns on incentivising customers to pay.

Amarjit Batra, Spotify MD-India, stated the platform has give you handy subscription plans catering to completely different goal audiences. "In India, we spent the primary 5 years on habit-building for music streaming. In parallel, we now have made Premium extra accessible via our subscription plans that vary from a day to a 12 months," he stated.

Saregama India MD Vikram Mehra stated many audio platforms have determined to maneuver to pay. "We have eliminated our circumstances on minimal ensures for platforms which have moved behind a paywall," he stated.