Yash Raj Films, Excel and Virtuoso target India’s growing independent music market
Yash Raj Films has launched Raah Records as Excel Entertainment and UK-based Virtuoso Music build out India’s independent audio ecosystem, targeting regional repertoire, artist development, streaming distribution and live-music monetisation.
What happened
Yash Raj Films (Raah Records) · Yash Raj Films launched Raah Records, while Excel Entertainment and UK-based Virtuoso Music expand India’s independent music
Key facts
- 14 million paid music subscriptions in 2025
- 37% subscription growth versus 2024
- 28-30 million paid subscriptions projected by 2028
- India live music revenue projected to rise from $97 million to $112 million
Why this matters
The moves signal rising strategic value in Indian independent-music platforms and regional catalogues, creating partnership and acquisition opportunities across labels, streaming, ticketing and fan-commerce ecosystems.
What to watch
- Quarterly paid-subscriber growth remains above 25% year on year and approaches the 28–30 million 2028 trajectory.
- A major telecom operator bundles premium music at scale or subsidises it through 5G plans.
- New labels produce regional tracks that enter national streaming charts without film tie-ins.
- Ticketing data shows repeat demand for emerging independent artists outside Mumbai, Delhi, Bengaluru and Hyderabad.
- Brand advertisers shift meaningful budgets from film-music sponsorships toward indie artist campaigns and creator-led music launches.
- Royalty-policy changes or DSP pricing increases improve label economics enough to support sustained artist investment.
- Track whether Raah Records, Excel and Virtuoso announce distribution partnerships with Spotify, YouTube Music, JioSaavn, Apple Music or domestic telco bundles.
- Monitor artist-signing focus by language and city; Punjabi, Tamil, Telugu, Haryanvi, Bengali and Marathi repertoire can signal where live-event and retail demand will deepen.
- Watch for label-backed showcases, mall concerts, campus tours and festival partnerships as early evidence that streaming audiences are converting into offline spend.
- Assess music-rights acquisition, publishing and catalog deals, which would indicate studios view independent music as recurring IP rather than promotional content.
- Follow payment and pricing innovations, including UPI-linked plans, family tiers, ad-free bundles and telecom inclusions, for evidence that the paid-subscriber target is achievable.