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Subscriptions take off for audio streaming platforms
Mint Mumbai
|November 20, 2023
It may take a while for profitability to catch up, as more streaming platforms chase paid users
India’s music lovers are flocking to paid subscriptions, after moving from free and pirated music to advertising-led platforms years ago. The change bodes well for audio streaming companies, who had come to rely on advertising for long.
In the audio streaming industry, subscriptions play a vital role, a JioSaavn spokesperson said. “Globally, a significant portion of revenue is generated from subscription services. In India, we’ve observed a similar trend, with subscriptions contributing about 70% of our revenue, and we anticipate and aim for consistent growth. While video OTTs are increasingly offering free access, audio platforms are exploring strategies to encourage users to subscribe, the spokesperson added.
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