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Quite crazy that YouTube accounts for 35-50% of digital revenues of India's top music labels! But the truly insane part is how this single number hides three totally different business models. The data for the recently FY25 shows a stark divide. Let me explain. .. Tips Music sources a staggering 50% of its digital revenue from YouTube - a massive bet on a single partner. - It has effectively chained its destiny to YouTube's platform - Any shift in the YouTube algorithm or a change in ad monetisation could rock their entire financial foundation .. On the other end is Saregama, the picture of stability. - They have engineered a perfect 35% / 35% balance between YouTube and other platforms - This includes major audio apps like Spotify and viral short-video apps This is a deliberate strategy to de-risk their business. By not over-relying on any one source, Saregama builds a resilient and predictable financial future. They are insulated from the shocks of any single platform's changes. .. Then you have Zee Music, which is playing for tomorrow. They are the only ones earning slightly more from Music OTTs and short-form video (40-45%) than from YouTube. This is a clear signal of their focus. Zee is targeting the Gen-Z user who lives on Instagram Reels and discovers music via curated playlists. Their strategy is built for the new age of music consumption, not the old one. It is a bet on social virality and audio streaming. .. So, this simple bar chart is not just a financial summary. It is a fascinating snapshot of each label's digital risk, and their core bet on the future. You have the high-risk YouTube loyalist, the stable diversifier, and the forward-looking trend-chaser. Amazing, no? Did you know this?