China’s Music Market Is The Fifth Biggest And Growing
China’s recorded music revenues grew by 28.4% in 2022 with music streaming accounting for more than 89% of those revenues. With this significant rise, China advanced into the top five global markets for the first time in only one year jumping from the 7th place in 2021 ad 6th place in 2022. China’s music market has now overtaken France and is leading Asia just behind Japan.
Over 700 million paying users for streaming video services shows that the population in China is willing to pay for content and a massive 1.4 billion population with a relatively low subscription rate, the Chinese music market has an abundance of room for growth.
Paid music streaming revenues rose 10.3% to $12.7 billion with 589 million paid accounts by the end of 2022. Important to note is the return of live performances are on the rise with performance rights revenues increasing 8.6% bringing us back to pre-pandemic levels. The growth came from multiple revenue sources: streaming, physical, performance rights and synchronization, with a decline in downloads and other non-streaming digital sources.
