Asia’s digital music market flourishes

No Comments 20 December 2016

Asia’s digital music market flourishes

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 localized and personalized curation.

Read More/Original Source: http://www.thedailystar.net/business/asias-digital-music-market-flourishes-1331251/a>


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