Business
Investors, labels buy into growing South Asian music business in U.S.
When music strategist Anjula Acharia began launching superstar actress Priyanka Chopra Jonas into Hollywood in the early 2000s, her label partner Jimmy Iovine — the name behind pop sensations such as Eminem and Lady Gaga — told her she was 20 years too early to bring South Asian talent to the U.S.
Now, Acharia is the founder and CEO of 5 Junction, a joint label with Warner Music Group focused specifically on investing in South Asian artists in the U.S.
“That sounded crazy, to think we were 20 years too early, but now, 20 years later, with the explosion of people like Diljit Dosanjh and Karan Aujla … there’s all these South Asian acts that are coming here and really selling out, particularly in the live arena,” Acharia told CNBC.
The South Asian music market in the U.S. has remained largely untapped, but as music becomes more globalized, as with the success of K-pop and Latin acts, South Asian talent is making a case to investors as the next big business opportunity, Acharia said.
Global music revenues are reaching all-time highs, surpassing $30 billion in 2025, according to the International Federation of the Phonographic Industry. Spotify said last year that streams of Indian artists in international markets grew more than 2,000% between 2019 and 2023, and nearly 50% of royalties from Indian artists on the platform in 2024 were from listeners outside India.
With South Asia’s growing population and diaspora, it’s set to be one of the fastest-growing segments within global music, according to Acharia.
“We’re in a different time, and I think digitally things travel just so much faster,” she said. “A lot of big hits were made with samples from Indian music, so it’s been in the zeitgeist for a long time — it’s just not been given a face.”
As more labels look to the subcontinent, Acharia said the business is currently in a stage of experimentation, figuring out what works and how the fan bases will evolve. Warner Music Group is the third-largest music label in the U.S., holding roughly 17% market share by distribution ownership as of the first quarter of 2026, according to Billboard.
“I think the business proposition is this global Indian fandom,” she said. “How do we galvanize this audience and this fandom, and how do we serve it?”
Rhea Raj at the event Atlantic Music Group and Salomon Present: Whisper Room, A Pre-Grammy Celebration, at The Hole in Los Angeles, Jan. 30, 2026.
Chad Salvador | WWD | Getty Images
5 Junction represents top artists such as singer and songwriter Rhea Raj, who told CNBC she’s seeing South Asian music become more mainstream in the U.S.
“We’re seeing more artists at bigger festivals and at award shows, and I think the best of it’s yet to come,” Raj said.
Raj and her sister, Lara Raj, of the girl group Katseye, are two of many South Asian artists in the U.S. building out fan bases that span backgrounds and ethnicities.
Rhea Raj, who got her start on “American Idol” nearly a decade ago, said she believes now is the time that South Asian music is going to “explode” in the U.S., especially as 5 Junction continues to bring more artists to the main stages.
“South Asian music, it is so diverse, and within that, there are so many countries and regions and styles and things to break down and explore, and I just hope that as time goes on and we have more artists in the mainstream pop world, we’ll get to see more and more pieces of that,” she said.
‘Building worlds’
Nora Fatehi performs on “The Tonight Show Starring Jimmy Fallon,” Nov. 19, 2025.
Todd Owyoung | NBCUniversal | Getty Images
The streaming era has helped Warner Records to narrow its focus on the South Asian music business because it lowers the barriers to entry, said Karen Kwak, the company’s executive vice president and head of artists and repertoire.
Kwak told CNBC that when she got into the music business, there were practically no other executives or artists who looked like her. Now, that picture has changed dramatically.
Kwak said the younger generations, especially in South Asia, are driving current music trends.
“That is what is so great about the music world we live in today, is that everybody is embracing who they are, and I think youth all over the world, they want to see stars that look like them,” Kwak said. “It’s a rabid fandom in India … and it’s exactly where we want to be.”
The record company is also focused on encouraging collaborations between South Asian musicians and popular American artists to help them break into the music scene, she added.
“It’s really about building worlds, and yes, of course, we’re going to continue investing [in South Asian talent],” she said. “It is what music is. We’re changing and impacting and creating the new music culture.”
It’s also important to Warner to be “genre-bending and genre-blending,” Kwak said, adding that the company is investing in South Asian talent that spans multiple types of music, languages and audiences.
Nora Fatehi is one of those artists. The Moroccan Canadian singer and actress, who has more than 45 million followers on Instagram, saw the potential in the South Asian market and broke in — targeting that audience even though she doesn’t have a connection to South Asia — and became one of the biggest names in the business.
“Right now, what 5 Junction and Warner are trying to do is tap into the different talent that’s coming out of that country, give it a platform, and also allow people around the world to consume the music and to consume the artistry like never before,” she told CNBC.
Fatehi, who will be performing at the World Cup opening ceremony in Toronto in a few weeks, said that even though the American market is hard to crack as an outsider, she’s seeing the results take hold as more talent from South Asia crosses into the West.
“I think the audience is ready for different stuff,” Fatehi said. “Now, with YouTube and Spotify and with social media, I don’t think borders exist any longer. … I think labels and managements and platforms realize that people are ready to consume different types of music.”
— CNBC’s Ryan Baker contributed to this report.
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Manhattan Institute expert Adam Lehodey says NYC Mayor Zohran Mamdani’s outreach to Wall Street leaders signals a recognition that New York cannot fund progressive priorities without keeping businesses and wealthy investors in the city.
Billionaire Citadel founder Ken Griffin is encouraging New York’s business leaders to take on socialist Mayor Zohran Mamdani, warning that the city’s future could be at risk if employers and investors stay quiet.
“They need to find their voice and fight for their city,” Griffin said Thursday at a Manhattan event, according to Bloomberg.
“My advice is to speak up. What’s the worst that’s going to happen? It will be that New York empties of talent and that’s a catastrophe. If the mayor wants to say a few words about you, your record speaks for itself: You create jobs, you create value and you pay taxes.”
MAMDANI’S WALL STREET COURTSHIP SPARKS CRITICISM OF ANTI-BILLIONAIRE AGENDA
The Citadel founder is clashing with New York City Mayor Zohran Mamdani over taxes targeting the ultra-wealthy and intensifying crime, reviving the same tensions that drove him to pull his business and billions out of Chicago. (Spencer Platt/Aaron Schwartz/Bloomberg/Getty Images / Getty Images / Getty Images)
Griffin’s remarks mark the latest chapter in an ongoing clash between Wall Street’s billionaire class and Mamdani, whose proposals to raise taxes on wealthy New Yorkers and luxury property owners have drawn fierce criticism from business leaders concerned about the city’s economic competitiveness.
The financial titan, whose net worth is estimated at $48.3 billion according to the Bloomberg Billionaires Index, argued that New York’s corporate leaders should focus on the long-term future of the city rather than short-term political battles.
BILLIONAIRE KEN GRIFFIN SAYS CITADEL’S CHICAGO EXODUS WAS ‘NOT HARD,’ CITES CRIME, TAXES
“Everything should be viewed through the lens of, Citadel will be here far longer than he’ll be mayor,” Griffin said.
The comments come as Griffin and Mamdani appear to be cautiously opening a dialogue after months of public sparring over taxes, wealth and the city’s business climate.
The socialist mayor recently reached out to Griffin after previously criticizing the billionaire hedge fund manager over his Manhattan penthouse and personal wealth. Mamdani notably stood outside Griffin’s luxury property to promote his proposal to raise taxes on second homes in New York City worth more than $5 million.
CHICAGO KNOWS WHAT HAPPENS WHEN KEN GRIFFIN TURNS ON A CITY, NOW MAMDANI MAY FIND OUT
New York City Mayor Zohran Mamdani’s “pied-a-terre” wealth tax on luxury properties ignites a contentious debate, drawing strong criticism from Citadel CEO Ken Griffin and hedge fund manager Bill Ackman.
The outreach comes as some business leaders warn New York risks alienating major employers and investors — a concern Griffin has raised before in another major American city.
The tensions have fueled concerns among some business leaders that New York could follow a path similar to Chicago, where Griffin spent years criticizing crime, taxes and public policy before moving Citadel’s headquarters to Miami in 2022. The relocation marked the departure of one of the financial industry’s most influential firms and underscored the economic impact that can follow when a major corporate player leaves a major city.
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Citadel founder and CEO Ken Griffin described New York City Mayor Zohran Mamdani’s “tax the rich” video targeting him as a “creepy and weird” political advertisement. (Krisztian Bocsi/Bloomberg via Getty Images / Getty Images)
Griffin has repeatedly pointed to Florida’s business climate as a model and warned that policies targeting high earners and businesses could make New York less competitive.
Griffin said he plans to talk to Mamdani “at some point in the months ahead.”
“Let’s see where he is on the state of policy at that time,” he said. “Actions speak louder than words.”
Micron's $1,700 Setup Emerges
Cash Builder Opportunities (aka Nick Ackerman) is a former fiduciary and a registered financial advisor with 14 years of investing experience.He is the leader of the investing group Cash Builder Opportunities, where his specific focus is on closed-end funds, dividend growth stocks, and option writing as an attractive way to achieve income. He shares model portfolios and research to help investors make better decisions, via his Investing Group’s active chat room.
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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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