Unlock the Global Reach of Indian Music with TikTok and Tips
Benefits of the TikTok-Tips Music Partnership
TikTok and Tips Music claim that this collaboration responds to the growing global appetite for Indian music. Kumar Taurani, the Managing Director of Tips Music, highlighted in April that India's streaming market is on the verge of a digital boom with immense opportunities. Luminate's recent Year-End report for 2023 also supports this, stating that India is set to become the world's biggest streaming market by volume. In 2023, India ranked second after the US in terms of total on-demand music streams.
The partnership provides TikTok users with seamless access to Tips' music library, which features a diverse range of genres from Bollywood classics to regional language hits. This direct strategic partnership marks an important step in expanding the global footprint and engagement of Tips Music. As Kumar Taurani said, "We have seen an increased consumption of Indian music globally. Several existing TikTok trends hold testament to it."
History and Portfolio of Tips Music
Founded in 1988 by Kumar Taurani and Ramesh Taurani, Tips Music has an impressive portfolio. It includes soundtracks from films like Khalnayak, Raja Hindustani, Raaz, and the recent Ponniyin Selvan series. Over the decades, Tips has collaborated with renowned Indian artists such as Alka Yagnik, Kumar Sanu, Arijit Singh, and A.R. Rahman. This rich history and diverse portfolio add value to the TikTok-Tips Music partnership.
The impact of this partnership is also reflected in Tips Music's financial performance. In the fiscal Q2 ended September 30, the company reported 32% YoY growth in revenue to INR ₹806 million (USD $9.62 million at the average exchange rate for the quarter). For the fiscal first half, revenue grew 36% YoY to INR ₹1.545 billion ($18.44 million). This growth showcases the potential and success of the TikTok-Tips Music collaboration.
Other Partnerships and Recent Developments
The TikTok deal marks Tips Music's latest partnership after inking a deal with Warner Music in March and with Facebook in December 2020. For TikTok, this deal follows a new deal with the International Copyright Enterprise (ICE) about a week ago to continue providing support for songwriters and music creators globally. Additionally, TikTok has been making direct deals with independent music providers like UnitedMasters and Ditto Music in the wake of its split from Merlin, the digital rights agency representing independent labels. These developments highlight TikTok's commitment to the music industry and its efforts to expand its music offerings.
TikTok's direct licensing deal with Tips Music not only brings a vast collection of Indian music to its users but also strengthens its position in the global music market. It showcases the power of strategic partnerships in the digital age and how they can drive growth and engagement. With this deal, TikTok and Tips Music are set to make a significant impact on the global music landscape.