MBW’s World Leaders is a daily sequence during which we flip the highlight towards a few of the most influential business figures overseeing key worldwide markets. On this characteristic, we communicate to Vinit Thakkar, Managing Director of Sony Music India. World Leaders is supported bySoundExchange.
India’s music business is experiencing a cultural shift, and Vinit Thakkar helps to orchestrate it.
As Managing Director of Sony Music India since April 2023, Thakkar has overseen a big growth of the corporate’s operations over the previous two years, remodeling it from a conventional soundtrack-focused label into an artist providers powerhouse.
Beneath his management, Sony Music India has launched three genre-specific sub-labels: BROWN (business pop), NINE (hip-hop), and Day One (singer-songwriter), which function alongside The Orchard (distributor and artist providers firm) AWAL India (a service supplier to impartial artists).
The technique displays Thakkar’s perception that India’s high-growth music panorama is maturing past its movie soundtrack roots.
“Indian music listeners are maturing, and we’re starting to see early indicators of style growth inside the artist-driven music area,” Thakkar tells MBW.
Maybe probably the most eye-catching venture below Thakkar’s tenure has been the launch of W.I.S.H., India’s first woman group in 22 years. Developed in partnership with composer Mikey McCleary’s Bay Music Home, the group embodies what Thakkar calls “Indian at coronary heart, international in attain.”
The gamble seems to be paying off. Inside months of launch, W.I.S.H. has secured partnerships with main manufacturers together with Adidas, Motorola, and Maybelline, whereas constructing what Thakkar describes as a “loyal fanbase” by means of their devoted fan platform.
However W.I.S.H. is only one piece of Sony Music India’s broader transformation.
The corporate has additionally fashioned strategic joint ventures with D36 to increase South Asian artists’ attain within the US, and not too long ago introduced THG India, a collaboration with LA-based The Whats up Group targeted on India’s booming reside music sector.
Sony can also be strengthening its market place through M&A and partnerships with native corporations, a part of a wider international technique. Lower than three weeks in the past, Rob Stringer, the Chairman of Sony Music Group and CEO of Sony Music Leisure, up to date buyers on the music firm’s international efficiency and technique, highlighting Sony’s progress in numerous rising markets, together with India.
“Within the high-growth markets of Latin America, Asia, Japanese Europe and the Center East, all of which have bloomed at double-digit charges within the final three years’ progress, we’ve been vigorously focusing on methods to higher place Sony Music,” stated Stringer. “In India and Latin America, we’re nonetheless primary in recorded music.”
Thakkar’s strategy displays his perception that sustainable international success for Indian artists requires extra than simply high-profile collaborations; it calls for constructing genuine, long-term manufacturers that first conquer their residence market.
“The exhausting reality is that for an artist to attain international success, they first have to make a significant impression of their residence market,” he explains.
Together with his prediction that India will turn out to be a High 10 international music market by the tip of this decade, Thakkar believes his technique positions Sony Music India on the forefront of what he sees as an inevitable cultural shift.
Right here, Thakkar discusses Sony Music India, M&A alternatives out there, the way forward for Indian popular culture on the worldwide stage, and why the native business wants to maneuver past ad-supported streaming fashions…
WHAT HAVE BEEN THE BIGGEST SUCCESSES AND CHALLENGES FOR SONY MUSIC INDIA DURING YOUR TWO-YEAR TENURE AS MANAGING DIRECTOR?
The previous two years have been extremely thrilling and rewarding for our firm. Sony Music India continues to remain true to our international dedication of placing the artist first, and we’ve made important adjustments to higher serve the artistic group as our business evolves.
Our focus has been to construct the proper infrastructure and design an organizational construction with the correct mix of expertise to supply an distinctive expertise for India’s artistic group.
With our sturdy presence within the soundtrack enterprise throughout each Bollywood and regional markets, coupled with our emphasis on making a music enterprise centered across the artists, the final couple of years have been an exhilarating journey.
“We’ve acquired beneficial music catalogs, launched new sub-labels, fashioned sturdy partnerships by means of joint ventures and laid a strong basis for our artist providers enterprise, which incorporates administration, touring, model options, fan engagement platforms, and merchandising.”
We’ve acquired beneficial music catalogs, launched new sub-labels, fashioned sturdy partnerships by means of joint ventures and laid a strong basis for our artist providers enterprise, which incorporates administration, touring, model options, fan engagement platforms, and merchandising. I’m extraordinarily happy with the progress we’ve made.
The Indian music market is at a transformative stage, and we’ve witnessed some key adjustments over the previous two years. On the digital streaming entrance, there’s been a consolidation of gamers, together with a powerful push to shift customers from ad-supported tiers to paid subscriptions, whereas each native and international gamers are aggressively investing out there.
SONY MUSIC HAS EVOLVED BEYOND A TRADITIONAL LABEL TO OFFER COMPREHENSIVE ARTIST SERVICES. HOW DOES THIS MULTI-TIERED APPROACH BENEFIT ARTISTS IN TODAY’S MARKET?
Past our core label enterprise, we offer a strong suite of choices by means of our companions The Orchard, delivering label distribution providers; AWAL, providing a DIY distribution platform for artists; and Sony Music Publishing, which helps the artistry of songwriters and composers. This multi-tiered strategy units us aside from a whole lot of the competitors.
We imagine in constructing sturdy, long-term partnerships, and over the previous two years, we’ve established some thrilling strategic collaborations with a few of the most visionary creatives each in India and internationally. These partnerships deal with elevating Indian and South Asian expertise globally.
“We imagine in constructing sturdy, long-term partnerships.”.
Via our reference to Bay Music Home, based by the legendary Mikey McCleary, we launched W.I.S.H., India’s first woman band in 22 years, which has garnered an overwhelmingly constructive response each in India and internationally. Our international enterprise with D36 is about to increase the attain of South Asian artists within the US and assist break South Asian diaspora artists into key markets outdoors of the US.
We not too long ago introduced Tiger Child Data, a three way partnership with a distinguished Indian movie manufacturing home to launch a report label with the aim of “nurturing rising expertise, fostering artistic storytelling, and constructing connections between artists, audiences, and types.” In brief, our aim is to supply the most effective infrastructure and providers, paired with the proper groups, to assist fulfill the artistic imaginative and prescient of the artists we work with.
YOU’VE LAUNCHED SEVERAL SUB-LABELS.. WHAT WAS THE STRATEGY BEHIND CREATING THESE GENRE-SPECIFIC LABELS?
Each endeavor we undertake begins with the query of how we are able to greatest contribute to serving to the artistic group understand their imaginative and prescient.
The Indian music scene has lengthy been dominated by movie soundtracks, and this continues to be the case, as music in movies is deeply embedded in our cultural cloth.
“Indian music listeners are maturing, and we’re starting to see early indicators of style growth inside the artist-driven music area.”
Nevertheless, it’s actually encouraging to see that over the previous 5 years, artist-focused music has been steadily on the rise. Indian music listeners are maturing, and we’re starting to see early indicators of style growth inside the artist-driven music area.
With the assistance of information, analytics, and shopper insights, we have been capable of determine these rising tendencies early on, and this led to the creation of our sub-label technique.
We launched three native labels: BROWN (business pop), NINE (hip-hop), and Day One (singer-songwriter), alongside AWAL India – Sony Music’s artist DIY distribution platform. Throughout all our labels, the aim is to be an extension of the artist’s core group, offering them with artistic enter, advertising help, distribution providers, and international attain.
I’m extraordinarily happy with the progress we’ve made with every of those sub-labels, not solely when it comes to artistic chart success but in addition by signing proficient artists who’re poised to turn out to be the long run stars of the worldwide music scene.
COLLABORATIONS BETWEEN INDIAN AND INTERNATIONAL ARTISTS ARE INCREASINGLY COMMON. DO YOU SEE THIS AS A VIABLE PATH TO GLOBAL SUCCESS?
In India right now, there’s a big deal with collaborations between Indian and international artists, which I feel is nice because it helps artists join with new audiences. Nevertheless, it generally looks like a shortcut to international success within the eyes of the artistic group and labels.
Whereas there have been some notable collaborations over the previous 5 years, I can’t consider any that really propelled an Indian artist to international recognition or success. The exhausting reality is that for an artist to attain international success, they first have to make a significant impression of their residence market.
That stated, we aren’t towards collaborations, so long as they’re genuine and pushed by artistic targets, moderately than simply business motives. At Sony Music India, our aim is to supply artists with entry to each the most effective native and international alternatives, serving to them carry their artistic imaginative and prescient to life. We take a extra holistic, long-term strategy, moderately than providing fast fixes.
TELL US ABOUT W.I.S.H. – WHAT WAS THE VISION BEHIND LAUNCHING INDIA’S FIRST GIRL GROUP IN 22 YEARS?
We developed this woman band below our strategic partnership with Mikey McCleary from Bay Music Home. Full credit score to Mikey’s artistic imaginative and prescient and executional excellence with W.I.S.H.
Impressed by international pop tendencies like Okay-pop, W.i.S.H. proudly maintains an genuine Indian id, mixing Indian influences of their music, vogue, and storytelling to create a novel cultural imprint on the worldwide stage.
We’re witnessing a revival of 90s-era pop ensembles and bubblegum pop, which has created the right alternative to launch W.i.S.H. Our mixed imaginative and prescient, together with Mikey, for W.i.S.H. was easy — Indian at coronary heart, international in attain. They mix Hindi, English, and regional languages, draw inspiration from Indian storytelling, and signify a Gen Z-first presence.
W.i.S.H. embodies the vitality, model, and digital-first strategy that connects with younger audiences, making them highly effective popular culture icons. The group resonates with Indian youth by difficult girlhood stereotypes and celebrating themes of sisterhood, pleasure, confidence, and self-belief.
And it’s already working. Inside months, they’ve constructed a loyal fanbase and secured partnerships with main manufacturers like Adidas, Motorola, Maybelline, Elf Cosmetics, and Sony Headphones. Moreover, final month we launched the W.i.S.H. fan platform, providing unique content material, reside streams, interactive fan engagement, and merchandise and collectibles. It’s an ecosystem of connection, creativity, and celebration the place followers form the expertise.
FILM SOUNDTRACKS HAVE TRADITIONALLY DOMINATED INDIA’S MUSIC LANDSCAPE. HOW HAS YOUR STRATEGY EVOLVED WITH THE LAUNCH OF THESE NEW POP-FOCUSED LABELS?
In India, movies and cricket are two of probably the most highly effective forces, nearly like religions. At Sony Music India, movie soundtracks, each Bollywood and regional, have been central to our success. We’re the one music label with sturdy, long-standing relationships with a few of India’s most distinguished movie manufacturing homes, together with Dharma Productions and Maddock Movies.
“Our continued funding and involvement within the Indian soundtrack enterprise stays a core a part of our technique in India.”
These partnerships have constantly produced main hits, demonstrating the large impression when music and storytelling come collectively. Our collaborations have performed an important function in shaping India’s music panorama, creating popular culture moments and serving to artists join with mainstream audiences on a big scale.
We even have a strong presence within the South Indian markets, with Sony Music main the Tamil market and steadily rising its share within the Telugu and Malayalam markets. Our continued funding and involvement within the Indian soundtrack enterprise stays a core a part of our technique in India. In actual fact, over the previous two years, our focus and releases within the movie soundtrack area have considerably elevated.
HOW DO YOU CUT THROUGH THE NOISE TO MAKE YOUR CONTENT VISIBLE in TODAY’S SATURATED DIGITAL LANDSCAPE?
We take nice satisfaction in being a artistic and forward-thinking firm. On the coronary heart of that is the power to strike the right steadiness between content material, context, and the followers.
“We’re all the time seeking to evolve our strategy, refusing to depend on set templates.”
With assistance from information, analytics, and insights into fan habits, our advertising efforts are targeted on crafting bespoke campaigns for our soundtracks and artist-driven music.
We’re all the time seeking to evolve our strategy, refusing to depend on set templates. Our aim is to constantly assume outdoors the field and discover new methods to inform compelling tales.
How central is the South Asian diaspora market to your general technique?
As a worldwide participant, we’re additionally devoted to creating home content material resonate internationally. The diaspora market is a big focus for us, and pushing our music into key international markets is central to our advertising technique.
We’ve sturdy partnerships inside the Sony Music ecosystem, significantly in key diaspora areas.
Our dedication is to take Indian artists and content material international, showcasing the ability of Indian music and artistry to the world.
WHAT’S YOUR STRATEGY FOR ACHIEVING GROWTH on the catalog facet of what you are promoting?
Lately, we’ve witnessed a powerful resurgence and success of catalog content material, and in India, we’re main this evolving pattern. Our advertising technique for catalog content material has been extremely rewarding.
A current instance of our success is the soundtrack of the Bollywood movie Sanam Teri Kasam. When the movie was re-released in cinemas, our groups labored intently with the manufacturing home to market the music.
For the primary time, a whole catalog soundtrack hit the charts throughout each audio and video platforms, making a cultural second. Our strategy, investments, and technique round catalog are central to our plans.
HOW COMPETITIVE IS THE M&A LANDSCAPE IN INDIA’S MUSIC MARKET CURRENTLY?
Our M&A strategy is guided by a worldwide dedication to higher serve the artistic group. We’re not solely targeted on accelerating artistic output but in addition on investing in areas that help the broader ecosystem of an artist’s and songwriter’s profession.
“In right now’s setting, strategic consolidation is extra beneficial than speculative investments.”
In right now’s setting, strategic consolidation is extra beneficial than speculative investments. We’re prioritizing acquisitions that present operational leverage, increase viewers attain, or improve technological capabilities.
Whereas curiosity in music-related M&A stays sturdy, challenges akin to low common income per person (ARPU) from streaming, a heavy dependence on ad-supported fashions, and modest progress in paid subscriptions proceed to restrict the potential and true worth that catalog acquisitions can ship.
Throughout the business, there’s a transparent push to construct enterprise fashions that guarantee music is valued on the degree it actually deserves.
WHAT MAJOR SHIFTS DO YOU ANTICIPATE WILL IMPACT THE BROADER SOUTH ASIAN MUSIC INDUSTRY?
We anticipate some important shifts on each the artistic and financial fronts. Creatively, with the fast progress of popular culture in India, we imagine music artists will proceed to affect and form the tradition.
“We imagine music artists will proceed to affect and form the tradition.”
Recognizing this transformation, we launched a brand new vertical referred to as ‘Artist Technique and Growth’, which affords a complete long-term plan that goes past simply music technique, offering a transparent path for artists to evolve into formidable manufacturers. This has been met with an overwhelmingly constructive response from the artistic group.
On the financial facet, we anticipate the business to transition from being predominantly ad-supported to a powerful hybrid mannequin that features paid subscriptions and bundles. By the tip of this decade, we’re assured that India will emerge as one of many High 10 music markets on this planet.
In abstract, we’ll proceed to deal with an artist-driven, artist-first strategy, coupled with aggressive investments in home language content material. We’re dedicated to shaping the way forward for the music enterprise in India, making certain we proceed to serve the artistic group.
IF YOU COULD CHANGE ONE THING ABOUT THE MUSIC BUSINESS IN INDIA OR GLOBALLY, WHAT WOULD IT BE AND WHY?
One key change we hope to see is a sooner transition in India from an ad-supported to a paid subscription mannequin. This shift would assist set up a extra steady basis, benefiting all stakeholders — artists, labels, and platforms alike.
Past creating higher worth for the business, it might additionally foster elevated innovation, appeal to funding, and drive long-term progress — positioning India as a real international chief in music.
SoundExchange was independently fashioned in 2003 to construct a fairer, easier, and extra environment friendly music business by means of expertise, information, and advocacy. The one group designated by the U.S. authorities to manage the Part 114 sound recording license, SoundExchange collects and distributes digital efficiency royalties on behalf of 700,000 music creators and rising.
