India, Dec. 2 -- For those who were teenagers, or in their early 20s, in the 1990s, Quick Gun Murugan was an iconic promotion, and ads that featured on MTV. Back in those days, the music channel was the flavor of the day for the young. Not just in terms of viewership among the young, MTV was a huge business. Sometime in the early 1990s, it generated annual revenues that were higher than $400 million, and reached 115 million households worldwide through the cable networks.

I know in this age, when annual revenues of $100 billion are around, $400 million may not sound big enough. But it was big back then. Sadly, the music revolution led by MTV has come to an end. In the words of the famous economist, Joseph Schumpeter, MTV has become a vic...