Wynk Music Plans Foray Into Distribution Ecosystem; to invest Rs. 100 Crore to promote musical talent
Airtel’s Wynk Music will invest Rs. 100 crore to promote musical talent through its platform as part of entering the distribution ecosystem for independent artists based in India and abroad. Airtel Digital CEO Adarsh Nair on Thursday said the creative economy for music is in its nascent stage but is poised to grow significantly.
“With Wynk Studio, we are building a platform that allows an aspiring musician to follow their passion and earn income at the same time. We are looking to attract talent from around the world and expand the platform to 5,000 artists in the next year,” he said in a statement.
Wynk Studio has over 100 artists on the platform from India, Singapore and the United States. Several artists, including Nishad Patki from Pune, Gagan Baderiya from Bengaluru and Harsha Prawin from Hyderabad, are each doing more than a million streams.
The studio will allow artists to launch their music and will also partner with them in monetizing their music across multiple platforms.
“Wynk also marked a sum of Rs. 100 crore to promote local talent on the app and enable them to discover,” the statement said.
According to the statement, the Indian music industry is at a moment of inflection as the average Indian spends around 21 hours per week listening to music compared to the global average of 18 hours.
“Nearly 30% of the top performing songs on any music platform in India today are by independent artists and these independent artists are all set to drive the growth of the industry. add 50% from around Rs. 2,000 crore at the moment to Rs. 3,000 crore in 2025,” it added.
