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Music industry of East Asia

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Music industry of East Asia

From Wikipedia, the free encyclopedia

The music industry of East Asia, a region that includes China, Taiwan, Hong Kong, Korea, and Japan, is a rapidly growing economic sector that is home to some of the world’s largest music markets.

Contents

Milestones

East Asia

In 2003, South Korea became the world’s first music market where digital music sales surpassed those of physical formats.[1][2]

In 2012, Japan surpassed the United States as the world’s largest recorded music market for the first time, according to the International Federation of the Phonographic Industry. Though the U.S. remained the largest if licensing fees are included into the figures.[3] However, in the following year, Japan fell back to the second-largest music market after experiencing a 16.7 per cent decrease due to the country’s reliance of CDs and slow adoption of digital services.[4][5]

In 2015, the digital music market in China is expected to be worth US$2.1 billion.[6] China is expected to become one of the largest music markets in the world by 2020.[7]

Contrast with the global music industry

Although global physical music sales (such as CDs) have been declining in recent years, in East Asia (particularly Japan and South Korea), however, physical music sales have been rising consistently.[8]

The International Federation of the Phonographic Industry credits this phenomenon to “K-Pop fans who want high-quality physical formats and deluxe box sets”.[8]

According to a music executive from Universal Music Group, CDs are becoming “the new merchandise in Asia”.[9]

Ranking

The following table lists the total revenues of the music markets of East Asia:

Rank Country Revenue in 2014
(in million USD)
Growth rate Source
1  Japan 2627.9 -5.5% [10]
2  South Korea 265.8 19.2% [10]
3  China (PRC) 105.2 5.6% [10]
4  Taiwan N/A[a] N/A
5  Hong Kong N/A[a] N/A

Notes^

  • ^ Statistics for 2014 unavailable. In 2010, the IFPI recorded total sales for Taiwan and Hong Kong at 56.3 and 37.8 million USD, respectively.[11]

See also

References

 

 

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About Patrick Ireland

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My name is Patrick Ireland, living in the Philippines with my wife and two daughters. I have been studying the web for over a decade. Now that I am 60 years old, I am starting to apply some of the knowledge that I have gained. "Learn from yesterday, live for today, hope for tomorrow. The important thing is to never stop questioning." -Einstein.

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