Indian Performing Right Society signs a pact with Hungama Music
On the occasion of Fair-Trade Month October, The Indian Performing Right Society Limited (IPRS) collaborates with Hungama Music. This collaboration will be IPRS’s first pact with any Indian music streaming platform. The partnership aims at fair and transparent trade practices in the in music, so that the original music creators get their fair pay or royalties for their work. According to a report by Deloitte, the audio and video market in India is currently valued at around US$ 280 million. The growing audio OTT market is providing approximately 150 million users to millions of tracks across platforms.
Mr. Rakesh Nigam, CEO of IPRS commented, “We are happy and excited to sign the agreement with Hungama Music having 87 million monthly users across the Hungama network. With the growing consumption of audio in the OTT market, it is imperative to create an equal trade system where the streaming platforms respect and pay music creators for their work. It is only fair that the money paid by their subscribers should also go to the original creators of the melody. Paying back the creators shows respect for their creative work and help them have fair remuneration for the efforts put in. With the licensing deal with Hungama Music, we can do so. Participation in this movement, from other players in the music streaming industry, will help us stop the unfair treatment to the music creators happening for many years now. These will also encourage young talents to choose Music as their career option.”
“Fair Trade is about supporting, acknowledging, and celebrating businesses that seek to create an equal trade system through respect and transparency. We aim to raise awareness on the reasons why fair trade of music is important, and how it will help the original creators. At IPRS, we protect the rights of authors and composers and their composition, which makes us a willing seller only when streaming platforms show interest as a willing buyer. This will not only help, the disadvantaged creators of music but also the music community at large.” added Mr. Nigam.
Speaking about the association Siddhartha Roy, COO, Hungama Digital Media said, “We are glad to work with IPRS, a registered Copyright Society representing the music industry. We hope that this association serves as a step towards ushering in a positive change in the industry.”