India will see investments in multipurpose venues: Blaise Fernandes, President & CEO, Indian Music Industry
Multiplexes will soon become multipurpose entertainment venues, says Fernandes.
Like everything else, the effects of COVID-19 defined most of 2020’s celebrations. Restrictions on travel and social interaction prompted a surge of interest in online activity and social media interactions, including the creation of the virtual celebrations. However, no cloud is without its silver lining and there was good news to be found despite, and even because of the quarantine.
According to Blaise Fernandes, President and CEO, Indian Music Industry, “Revenues from public performances were wiped out for the whole of 2020 and will be virtually non-existent for the foreseeable future given most of the state of the retail industry and the F&B industry : Pubs and Lounges. Restrictions on weddings is also an impediment. PP revenues are an important source, on a monthly basis for the creative community and working capital for labels most of them can be classified as MSME.”
As the virus raged and gatherings were banned, reality dawned upon the live music industry. We saw live concerts, which are the staple of music experience, reduced to a mere dream and energy that feeds the creative endeavour of artistes were nearly extinguished. However this led to exploring the untapped terrains by the industry.
“Non-theatrical content has further accelerated: I-POP, if the policies from the government are in place we could see I-POP scale the heights of K-POP. We saw few OTT shows delivering hits to the charts, the theme song of Achint from Scam 1992 has made it to charts across various platforms. When the flow of films begin at cinemas and multiplexes there will be a glut and this will cannibalise soundtracks. A soundtrack needs at least four to six weeks to get traction adding to further losses for the recorded music sector,” remarked Fernandes.
Stream counts continue to grow at around 40% even in the pandemic but India has a very low base of paid subscribers- the top line growth will not match with growth in stream counts. A 40% growth is astounding given that the major part of the year saw no travel time at all.
“Towards the end of 2020 India will see investments in multipurpose venues like O2 U.K , The Esplanade in Singapore and Madison Square Garden USA, given that India will be a USD 6 trillion economy by 2030 as per The World Economic Forum, a young nation, this will be attractive for companies like AEG and Ticketmaster who will set up shop in India. Multiplexes will soon become multipurpose entertainment venues,” informed Fernandes.
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