Beijing’s music industry predicted to hit $17 billion by 2025
The Chinese capital aims to be positioned as an international music centre
Generating a whopping $8.6 billion in 2017, Beijing is pushing to be positioned as a global hub for music by 2025, predicting a value of $17.2 billion, according to government officials.
With a major focus on Chinese music, the city hopes to establish itself as an international music capital by encouraging and increasing infrastructural, creative and publishing investments, pushing the industry further into the digital era.
According to a report by the China Music Industry Forum, the net worth of the nation’s music industry peaked $53 billion in 2019, which is a year-on-year increase of 8%. With streaming and download platforms like NetEase growing exponentially, and Universal Music Group establishing it’s first publishing arm in China through an acquisition by the mighty entertainment and tech leader Tencent the growth and development potential seems almost infinite.
The planned growth will include enhancements and innovation in music technology, with the use of AI composition ‘musical emotional recognition’, which will be put forward as official government policy. It will also include budgeting for new small and large live performance venues, as well as a greater support framework for young and budding artists.
As large as the China music market already is, it is largely untapped internationally, leaving plenty of doors open to forming a new landscape for both the country and Asia as a region.
[via IQ-Mag and TIme Out Beijing]