Once a hotbed of piracy, China has emerged as one of the world’s fastest-growing music markets nowadays. With a huge population and growing purchasing power, China’s music industry is the sleeping giant that is now slowly waking up and becoming increasingly attractive to artists.
In 2016, China ranked 12th in recorded music revenue (up from 14th in 2015), 9th in digital music and 7th in music streaming worldwide. Its recorded music revenue grew 20.3%, driven by a 30.6% growth in streaming; while digital music revenue made up 96% of the recorded music revenue. The total size of China’s music industry has expanded 7.79% from 2015 to 2016, reaching 325.322 billion yuan; that of digital music has seen a ten-fold from 2006-2016, its gap with the U.S. market has been gradually narrowing down. Technology, new government policy, cultural shifts etc. have all contributed to the growth. In particular, China’s consumers are leaning towards legal listening due to factors including the penetration of more advanced smartphones which make music subscription easier; the widespread use of mobile wallets which allow consumers to make payments conveniently; and the anti-piracy effort made by internet platforms to exploit the commercial opportunities in music.
We pay close attention to China’s music industry, studying fields including the industry’s evolvement, major players, new entrants, business intelligence, economic performance and forecast, future growth drivers, challenges etc. By constantly monitoring and analysing information, we familiarise ourselves with this emerging industry of massive potential. We furnish clients with the fullest and deepest information, empowering them to make well-informed decisions, develop growth strategies, align with their peers, reap potential benefits etc.