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In an effort to resurrect itself from a
catastrophic loss making situation the Indian Music Industry
(IMI) has appointed Vijay Lazarus as its full time president.
The appointment comes as a booster dose to the Rs.18 billion
loss laden (over the last 3 years) music industry in its crusade
against piracy and in reiterating its commitment to the Indian
entertainment industry and the economy as a whole.
Lazarus will serve a dual responsibility as full time IMI
president and also Phonographic Performance Limited (PPL)
president. PPL is the exclusive copyright society of the recording
industry).
Lazarus added, "The Indian music industry has been going
through a very tough phase due to the rampant piracy. But
IMI's relentless efforts have paid off and our cause has generated
momentum over the years.
"At IMI, we believe that the Indian music industry has
immense growth potential to sustain not only the music companies
and the artistes, but also play a part in the development
of the economy.
"The music industry in USA contributes about five per
cent to its GDP annually. We believe that with sustained efforts
at curbing piracy and reformed laws and policies, we can turn
around this depleting state and revive the rich cultural heritage
of Indian music that we almost lost to piracy.
"I am confident that we can not only better the USA
average by contributing effectively to the growth of the country,
but also take Indian music and its artistes to greater echelons
around the globe."
Ironically, the Indian music industry is the fifth largest
consumer of music units in the world (181.1 million units).
However due to rampant piracy and lack of deterrent punishment
to pirates and other issues being faced by IMI, it lacks way
behind at no. 18 in the world in terms of music value (0.6
per cent of world sales).
IMI' will undergo a complete re-organisation of s activities
is being brought about that will reflect the present realities
of the business. New initiatives in legal and enforcement
actions are being aimed at enhancing the non-physical format
revenues.
The IMI is currently seeking strategic governmental intervention
for the amendment of the Copyright Act as well as appeals
for exemptions and relief's from levies. Towards this cause,
introduction of a stringent licensing regime for the commercial
use of music under Collective Administration and the active
monetisation of revenues from existing and new streams will
be the major thrust areas for the music Industry in its efforts
for a turnaround.
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