China’s music industry is experiencing robust growth, with a significant increase in overall revenue and notable expansion across various sectors. The market’s resilience and strategic development highlight its growing importance on the global stage, driven by digital innovation and a burgeoning live performance scene.
Market Growth and Digital Dominance
China’s music industry demonstrated impressive resilience in 2024, achieving a 4.97% year-on-year growth to reach approximately 492.9 billion yuan (around $68.57 billion). This growth rate slightly surpasses the global music industry’s expansion. Digital music remains a cornerstone of this success, accounting for over 20% of the total industry revenue and generating 102.7 billion yuan with a steady 15% growth rate. The number of online music users is projected to reach 729 million, underscoring the vast potential of digital platforms.
Live Music’s Astonishing Comeback
While digital music leads in revenue, the live music sector has shown astonishing growth. In 2024, music performances saw a remarkable 46.61% increase, reaching 38.7 billion yuan. This surge in live events signals a strong recovery and a booming offline performance market, indicating a significant shift in consumer engagement and revenue streams.
Strategic International Expansion
Major international players are making strategic moves to tap into China’s dynamic music landscape. Universal Music Greater China (UMGC) has launched Deutsche Grammophon China and Blue Note Records China, marking a significant expansion into the country’s classical and jazz music scenes. These initiatives aim to discover and support emerging Chinese talent, fostering original creativity and connecting local artists with global audiences. Renowned artists and conductors are serving as artistic advisors, further solidifying these ventures.
UK’s Focus on China’s Market
The United Kingdom is also actively pursuing opportunities in China. The BPI, in partnership with the Department for Business and Trade, is organizing a UK music industry trade mission to China. This mission aims to facilitate collaboration and explore business opportunities within China’s music ecosystem, including engagement with major Chinese streaming platforms and collective management organizations.