Indian Music Industry Saw 10x Growth In Last 2 Years: Piyush Goyal

Union Commerce Minister Piyush Goyal has said the Indian music industry's royalty collections surged by ten-fold with Rs 550 crore in the last two years and the industry has grown significantly but still there is room for growth.

While speaking at the copyright stakeholders' meeting in Mumbai, he urged the entire industry to unite on a common platform to enhance creativity and bolster its soft power during Amrit Kaal.

During the meeting, industry representatives addressed crucial matters, including royalty distribution, statutory licensing (primarily under Section 31(d)), single-window licensing and equitable representation on the copyright society's board.

While taking note of the stakeholder's issues, Goyal emphasised on the need to respect the fair and equitable distribution of royalty as per the terms decided.

Goyal spoke on the issue of having equitable representation in copyright societies with an inclusive approach to the representation of women and equal rights for smaller artists.

The copyright societies have been asked to resolve the disputes collectively. There are multiple registered copyright societies that manage and protect the literary and creative work of artists. It was also discussed at the meeting that the copyright societies will review their articles of association and discuss all such issues in a common forum.

The minister has formed a committee chaired by Anoop Jalota, with representation from all relevant copyright societies to discuss issues related to the creative industry. 

The committee will submit a report with solutions within 30 days.