Music and Youth
Music industry hit hard by Coronavirus
MUMBAI: The Indian music industry is feeling the heat of the coronavirus outbreak. The members of the Indian Music Industry (IMI), whose existence is solely dependent on releases of feature films, revenues from events and concerts, among others, are feeling the heat of drastically reduced cash flows. This is because film releases have been stalled and public performances revenues have dried due to cancelled music events and the shutting down of F&B outlets, said a release by IMI.
IMI is the apex body that represents the interest of the music companies or record labels on a pan-India basis.
IMI members follow a business model where they pay minimum guarantees (MGs) to film producers who demand substantial money upfront, well in advance for film music acquisitions. The music industry’s money is locked into film releases which may now be indefinitely postponed with no signs of predictable recovery. Around 80% of revenues come from film music for the recorded music industry.
Another fallout is that the large numbers of artists, technicians, sessions musicians are being rendered unemployed with the closure of film production, live events, F&B sector.
IMI chairman Vikram Mehra stated: “We are indeed looking into a financially unstable situation in the near to medium term. Consumer attention is centred on the virus and hence softer industries like ours are the first to be hit. Recordings being cancelled and postponed means many daily wage musicians supporting their families will face a hard time and record labels will not be able to recoup their investments- either paid as MGs to film producers or investments in independent music called IPop”
Tarsame Mittal of TM Talent Management said: “The events industry is hit hard due to concerts getting cancelled and many artists, support staff who depend on their concerts for livelihood, especially the smaller stature artists, and new artists are the worst hit.”
PPL India CEO Rajat Kakar said: “Public Performance income, a large part of the music industry’s livelihood especially that of the smaller music labels, who survive on this revenue source, has taken a beating due to cancellation of events. These smaller labels need public performance revenues to survive.”
IMI President and Blaise Fernandes chief executive officer said: “The silver lining in this bleak outlook is COAI asking OTT service providers to lower the quality of feeds, that’s an indicator that the OTT services are doing well given the work from home situation. This will translate into revenues for the copyright holders in the industry going forward. This is apart from the suffering of the daily wage music bands that perform music at weddings and other social events.”
MUMBAI: Mumbai is about to witness something it has never seen before. The Global Youth Festival arrives on 6-7 December at Jio World Garden with 15,000 attendees and 60-plus experiences sprawled across six sprawling arenas. On its sixth edition, this is no ordinary jamboree—it is a carefully orchestrated collision of wellness, adventure, arts, music, yoga and social change.
Chief Minister of Maharashtra Devendra Fadnavis will throw open the proceedings with a landmark ceremony, signalling the state’s backing for a movement that has already mobilised youth across 20-plus countries and 170-plus cities. The sheer scale is staggering: 500-plus volunteers powering the machine, 600,000-plus volunteer hours logged across previous editions, and millions of lives touched annually.
The speaker roster is formidable. Diipa Büller-Khosla and Dipali Goenka, chief executive of Welspun India, will share the stage with Malaika Arora in conversations spanning leadership, creativity and culture. Union Minister for Sports and Youth Affairs Mansukhbhai Mandaviya will also attend, reinforcing GYF’s reach into the corridors of power.
But this is not mere talk. The Solaris Mainstage promises concerts from renowned Indian artists. Innerverse delivers a 360-degree LED spectacle of art, technology and sound. The Love and Care Arena houses hands-on projects spanning women’s empowerment, child education, rural upliftment and animal welfare. India’s largest outdoor sound-healing experience awaits. An inflatable obstacle course, neon drifter karts and open-sky bouldering cater to thrill-seekers.
Some have branded GYF the “Coachella of Consciousness.” Others call it “India’s Largest Sober Festival.” Spiritual visionary Pujya Gurudevshri Rakeshji, who inspired the festival, will deliver the Wisdom Masterclass. Every rupee goes to charity.
After Mumbai comes Kolkata on 14 December. New York looms next year. For one weekend in December, Mumbai becomes the epicentre of youth-driven change—and nothing will be quite the same after.
Tickets available on BookMyShow. Visit youthfestival.srmd.org or follow @globalyouthfestival on Instagram.
