How much is the Chinese music industry worth?

In 2018, China’s music industry revenue amounted to 800 million U.S. dollars. The figure was projected to increase by a compound annual growth rate of 11.4 percent between 2018 and 2023. The total revenue of music, radio broadcast, and podcast industry in China would reach 4.8 billion U.S. dollars by 2023.

How big is China’s music industry?

While its global ranking remains stagnant, the Chinese digital music industry size continues to grow. 2020 annual revenues reached approximately US$2.04 billion in 2020, representing a nearly 300% increase from 2017.

Does China have a big music market?

China’s music industry has grown rapidly to become one of the world’s largest over the past decade. Since breaking into the top 10 of the International Federation of the Phonographic Industry’s (IFPI’s) global rankings of music markets in 2017, it has risen to seventh place, just behind South Korea.

Does China have a music industry?

Liu said figures suggest the music scene in China is booming. The 2021 International Federation of the Phonographic Industry annual Global Music Report ranked the nation as the seventh-largest music market last year. … Some 56 million users paid to listen to music through these services.

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Is Chinese music can make it to the world music market?

Chinese music market is a single fastest growing market in the world, at least in terms of recording sales. … Undoubtedly, China has put itself on the international music map in the last couple of years, but the market’s power is not its current worth — it’s the enormous potential it holds.

How many musicians are in China?

There are now around 100 million Marc Yus in China, Lang Lang estimates. Some of the best of China’s new generation of musicians were playing in the first weekend of this year’s Proms as part of the China Philharmonic Orchestra.

What music do Chinese listen to?

The well-off tend to prefer Western or English-language music, and are more likely to listen to pop, rock and jazz. They spend an average of 914 yuan ($139, £97) on music every year; while poorer Chinese consumers spend just 118 yuan ($18, £13).

Why is Chinese music market so small?

Rampant piracy is the main reason China is such a bleak place for music companies. Pirated audio content is so available, accessible, and popular that the idea of buying albums or paying for streaming subscriptions can seem absurd—especially to poorer consumers.

Can artists perform in China?

Every artist that want to tour in China has to get a performance permit (an approval letter from the Cultural Department), which means that the government can simply stop the artists from entering a country if it wants to.

Does IFPI count China sales?

According to past IFPI reports, global revenues grew by 3.2% in 2015; 5.9% in 2016; 8.1% in 2017; and 9.7% in 2018, before the 8.2% growth in 2019 revealed in today’s report. … Of the 9.7% global growth measured by the IFPI that year, China thus accounted for just over 1.3 percentage points.

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Can American artists promote in China?

Due to the fact that the most popular communication channels in the world – for example, Instagram and Facebook – are blocked in China, most western artists have no chance to popularize themselves, and the most relevant Chinese resources for promoting celebrities – WeChat, WeiBo and Douban – remain popular only in …

How big is American music industry?

Data on recorded music industry revenue in the United States from 2009 to 2020 shows steady growth from 2015 onwards. The revenue reached 8 billion U.S. dollars in 2020, up by 7.5 percent from the 7.4 billion reported in the previous year.