A new report says there’s no reason for music industry to give up on Indian companies, even though they are more dominant in the country.

The report, by the consulting firm Global Strategy Advisors, also notes that the Indian music industry’s competitiveness has increased substantially in recent years and that a lot of the opportunities in the Indian market are now being exploited by companies in Canada.

The report, “Music for the Indian Market: Lessons from Canada’s Music Industry” was published Wednesday.

The Canadian music industry has long been considered a global player in the global music market, thanks to the popularity of hits by the likes of the Foo Fighters and Queen.

The industry has also been heavily targeted by the United States and Australia in recent times, as they are the biggest markets for music sales.

“The music industry is in the midst of a global transformation.

We need to embrace that transformation and embrace the opportunity in this new market,” said Andrew Mehta, chief executive officer of Global Strategy, in a statement.

He added that the market is increasingly competitive and the opportunities for growth are immense.

“This report provides insight into the competitive landscape for Canadian music and music manufacturing companies in the India-Pacific region and the global industry landscape.”

The report says the Indian industry’s market share in Canada has risen steadily since 2010, to 37 per cent.

This number includes the five biggest music manufacturing and distribution companies, which are Allsop, Sohin Music, Viacom, Universal Music and Sony Music Entertainment.

In addition, there are roughly two dozen smaller companies, ranging from one to two per cent market share.

There are also more than 600 music manufacturing firms operating in Canada, including smaller and medium-sized companies, Mehto said.

“We believe this report provides some insight into what the Indian community is experiencing and what is at stake in the music industry,” he added.

The Indian music market is growing at a rate of 7.2 per cent annually, according to Global Strategy’s analysis.

It has been expanding at an annual rate of 2.6 per cent since 2014.

Mehta noted that music manufacturing is a key market in Canada because it accounts for about 60 per cent of the total music market.

“In order to compete, the music manufacturing sector needs to increase its level of innovation and development in order to become more competitive in a global market,” Mehtan said.

The biggest music industry players in Canada include Sony, Universal and Sony/ATV Music.

These companies control approximately 90 per cent or nearly 60 per per cent, respectively, of the music market in the Greater Toronto Area, according the report.

Music manufacturing is currently the second largest industry sector, behind only manufacturing and sales of cars, Meatha noted.

In Canada, companies like Allsops, Violets, Vibes and Vibra have more than 40,000 employees and generate $1.6 billion annually.

The music industry also has about 1,000 record labels and labels have nearly 10,000 independent record labels, Meheta said.