Japan is Asia’s biggest digital music market, selling $432 million worth of music a year.
However, in contrast to the global digital music market, the Asian market is relatively small. The regional revenue amounts to less than a third of the United States ($900 million versus $3.3 billion in 2015).
But Japan has dominated the market in Asia, with about a 76 percent share in 2015, says a report the Rise of Music Streaming in Asia. The report is released by Digital/ McKinsey.
However, the report says, the opportunity in the region is significant though Asia accounts for only 14 percent of global digital music revenue.
The report says the speed of change in the digital music market in Asia has outpaced the rest of the world as 56 percent of digital music revenue in the region comes from music streaming. This growth has been powered by the emergence of a generation of digital natives, improving connectivity, and more localised and personalised curation.
Japan is followed by South Korea with $173 million music market, China with $152 million, India with $58, Taiwan with $30 million, Thailand with $25 million and Indonesia with $21 million.
Though India’s music market is way behind Japan, South Korea, the projections from FICCI (Federation of Indian Chambers of Commerce and Industry) is that India’s recorded music business will nearly double over the next five years. It says it would likely to bring an annual income of 18.9 billion rupee (US $300m) in 2019 pushing India ahead of South Korea.
Copyright: DataLEADS/ Asia News Network