After the phenomenal boom of the mid-nineties, the music market seems to be stagnating. There hasn't been a single blockbuster after Raja Hindustani in terms of music. And, inspite of the success of the albums of Border, Virasat, Gupt and a few others, the market doesn't look very buoyant -- not as yet. Music companies and traders discuss the "continuing slump"

"We haven't had a major hit since Raja Hindustani," lamented a music dealer in Lamington Road, Mumbai, from where all the major distributors operate. There have been hits, but not of the magnitude of a DDLJ or a Raja Hindustani. The total volume of sales has been somewhat stagnant. To make up for the declining number of cassettes sold, some of the music companies have increased the price of music-cassettes and are coming up with innovative schemes to boost the sales.

Trade circles, however, say that gimmicks might initially help perk up sales but in the long run it is the music which sells. "There have been almost 45 film releases in the past six months and the music of not more than a dozen films (Hero No. 1, Judwaa, Koyla, Sapnay, Virasat, Border, Ziddi and Gupt to name a few) has sold well. It is a very bleak picture," points out music critic, Amod Mehra. What makes it bleaker is the increasing prices of the cassettes. Tips, which first increased the price of the cassette to Rs 40 with Raja Hindustani, is now selling the music of Daud at Rs 45. Kumar Taurani, owner of Tips, refutes that there is a slump in the market because of the price hike. "My music is good and people are buying it. So our pricing is perfectly okay. We use imported tape and ensure excellent sound quality," he argues. The trade sources however view this `success' differently. It sees it as maintaining the volume of bussiness intact without increasing the number of cassettes sold. So, it doesn't imply that the cassette sales haven't gone down, argue traders.

The scene had been very different some years ago when a hit music score sold 60 lakh to one crore units. Today, a hit sells just 30-40 lakh units but obviously the music companies are not complaining. Because, as Mehra puts it, "music companies are happy with lower turnover and higher profits."

Traders disagree with the view that higher price has ensured better quality. According to Mehra, the highest return of cassettes is of HMV, while T-Series has an almost zero return. "Not only are their prices low, but the quality and promotion are excellent.

But Taurani counters that it is not the price and the quality of the cassette that has made a difference but the quality of the music. "Quality is failing the market. If the music is good, people will buy it at any cost," he points out.

Sridhar, director marketing, Sony Music, seconds his view. The company has released almost 1000 international titles in the past two months and claims to have sold a total of 300-400 thousand cassettes. The company is also planning to come up with a pop album with music director Rehman. "Our cassettes are priced at Rs 100 and Rs 75, but people are buying them. Our demand is more than the supply." But traders attribute this success to the vast reportrie which Sony commands. "They have released exclusive titles like Michael Jachkson's Blood On The Dance Floor and Aerosmith's Nine Lives and so it is doing good business. If another company comes up with the same albums at lower price, people would buy it."

Mehra agrees, "Big B had priced the cassettes of Itihaas at Rs 40 and they managed to sell only 20-25 thousand units. As soon as T-Series took it over, they reduced the price to Rs 30 and sold three to four lakh units." Besides the increased prices, traders feel the that the over exposure of music on the small screen also harms the sale of music. "There has been a spate of countdown and song based programmes on the small screen. People listen to the songs so many times on televison that they no longer want to buy it."

There is one man however who is singing an altogether different tune. T-Series owner, Gulshan Kumar, insists that there is no slump in the market and all the hue and cry is meant to mislead the IT department. "Because of the hike in the excise duty, the companies have increased the price of the cassettes. But if the music is good people will buy it at any cost." The company has acquired the music rights of about 20 films recently.

Traders are of the opinion that what the music market today needs is an exceptionally good hit, be it film music, pop, devotional or classical. They strongly feel that there is a dearth of good music. "Even the music of Virasat and Border, which are hit films, hasn't done exceptionally well. May be because they are not musicals. But the fact remains that the industry is falling short where quality of music is concerned."

The traders however feel that with a few good films slated for release in the coming months, things may begin to look up for the music industry. "Music of Gupt is very popular and if the film is a hit, it may make a difference in the market," the traders opine. Venus' Yes Boss, Tips' Pardes and HMV's Aur Pyar Ho Gaya are some of the forthcoming releases which the industry is looking upto for reviviing the audio market.