China reports music industry growth
- November 6, 2017
- Posted by: Yolandy
- Category: Business
China’s music industry saw year-on-year growth of 7.8 percent in its output value in 2016, exceeding 325 billion yuan (49 billion U.S. dollars), according to an industry report.
The report, compiled by the music industry committee of China Audio-Video and Digital Publishing Association, includes performances of records, shows, digital music, copyright business, books, musical instruments, training and sound equipment.
Seen as a new growth engine for the industry, the digital music business achieved a value of nearly 53 billion yuan, up 6.2 percent year-on-year.
The value of digital music available on PCs or mobile devices surged by nearly 40 percent, hitting 14.3 billion yuan, thanks to rapid growth of paying users.
The number of paying users of online music has more than doubled compared with 2012.
In May, the central government listed the development of the music industry as a major cultural project in a work plan for cultural development and reforms between 2016 and 2020.