Covid slows revenue growth for audio streaming sites

NEW DELHI: With multiple lockdowns, curbs on mobility and unavailability of fresh Hindi film music, which comprises 60% of all consumed content, audio streaming platforms are seeing a sharp decline in revenue growth rates.

In 2020, audio streaming grew only 15% over 2019, as opposed to 35% in 2019 over 2018. In 2021, the audio streaming sector is projected to grow only at about 11% compared to pre-pandemic growth rates, said two senior executives at music labels and streaming services.

“The widespread lockdown and the second wave have been a damper for the mood of the consumer and the entertainment industry, including audio streaming,” said Gautam Sinha, CEO, Times Internet and Gaana.