April 20, 2024

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[THE INVESTOR] Asia’s digital music market is expanding as a growing number of millennials prefer streaming online and downloading, according to a report by McKinsey & Company.

By region, Japan topped the rank in digital music market sales at $432 million last year. South Korea recorded the second-largest with $173 in sales. China ranked the third earning $152 million last year, seeing the most aggressive 28.5 percent of market growth annually. India and Thailand followed with $58 million and $30 million, respectively.

Growth in the digital music industry is attributed to digital-friendly millennials in the regions and expansion of internet infrastructure backed by the local internet service providers. Streaming, in particular, has outpaced downloading since 2014, accounting for 56 percent of total sales of the current digital music market, the report said.

(theinvestor@heraldcorp.com)