Music Biz Excited At Growth Potential In ChinaTuesday, December 22nd, 2015
As the music industry finds opportunities for growth in the West to be increasingly limited, it’s no surprise that they are focusing plenty of energy on such emerging and high-potential markets as China and India.
According to the International Federation of the Phonographic Industry’s 2015 World Ranking report, China ranked No. 19 in global trade revenues, but that positioning will change dramatically, and soon. Ariel Fung, executive vice-president of marketing of Sony Music Entertainment Asia, was recently quoted in chinadaily.com as saying “we believe that China will rank in the top five or even top three in the world music market in the next five years or even sooner. It’s one of the most important markets in our global strategy.”
At a recent conference in Beijing, his assessment was shared by execs from the three international heavyweight record companies – Universal Music, Sony Music and Warner Music－as well as QQ Music, a music-service platform under the Chinese Internet giant, Tencent.
The music streaming and subscription sphere is the fastest-growing component of the Chinese music industry, though digital album sales are also on the rise. In 2015, more than 7 million copies of digital albums have been sold on QQ Music, generating 40 million yuan ($6.35 million) in revenue, according to Andy Ng, general manager of QQ Music.