MUMBAI: 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.
