Japan is considered as Asia’s biggest market for digital music. Japan manages to sell at least $432 million worth of music every year. However, the Asian market for digital music is very small compared to the global market. The music revenue from the Asian region is less than a third of the United States ($900 million vs. $3.3 billion in 2015).
According to a report Rise of Music Streaming in Asia which was released by Digital/McKinsey, with 76% market share in 2015, Japan dominates the Asian market. The report further states that opportunities in the region are significant even if Asia accounts only for 14% of global digital music revenue.
The speed of the change in Asia’s digital music market has outpaced the rest of the world since 56% of the revenue from digital music comes from music streaming. The growth is due to the emergence of digital natives, improved connectivity and increase in localized and personalized digital curation.
In the Asian digital music market, Japan is followed closely by South Korea with its $173 million music market, then China with $152 million, India with $58 million, Taiwan with $30 million, Thailand with $25 million and Indonesia is $21 million. India’s music market is way behind Japan and South Korea but based on the projections of FICCI (Federation of Indian Chambers of Commerce and Industry) the recorded music industry of India will nearly double over the next 5 years.
India’s recorded music business is expected to bring an annual income of $300 million (18.9 billion rupee) by 2019 to push India ahead of South Korea. According to Mohan, the chief product officer of YouTube, the key to more revenue in the music industry is digital ads. YouTube alone generates ad revenue of $3 billion annually, a figure that will increase with digital music consumption.
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