Beijing News Shell Finance News (Reporter Wei Yingzi) On September 19, the Digital Music Working Committee of the China Audiovisual and Digital Publishing Association (referred to as: Digital Music Working Committee of the China Audiovisual and Digital Publishing Association) released the "China Digital Music Industry Report (2023)" (hereinafter referred to as the "Report") interpreted and stated that the growth rate of online music in 2023 hit a record high, and the music live broadcast and music short video business achieved double-digit growth year-on-year, becoming the "troika" to boost the development of China's digital music industry ".
The "Report" shows that in 2023, my country's online music market will be 23.98 billion yuan, an increase of 33.1% over the previous year; the music short video market will be 48.91 billion yuan, an increase of 19.2% over the previous year; the music live broadcast market will be 107.22 billion yuan, an increase of 31.5% over the previous year.
Among them, since 2018, the growth rate of the online music market has slowed down from 2022 to the bottom of 12.8%, achieving a substantial rebound by 2023; the scale of the music short video market continues to expand, growing from 15.23 billion yuan in 2018 to 2023 48.91 billion yuan in 2017, but the growth rate has slowed down year by year; the growth rate of the music live broadcast market has maintained positive growth every year, and the market size accounts for a relatively large proportion.
Since 2018, although China’s digital music market has continued to grow, the growth rate has shown a certain degree of volatility. According to calculations by the China Music and Digital Association, the total size of China's digital music market, including online music, music short videos, music live broadcasts, and online karaoke businesses, will be 190.75 billion yuan in 2023, a year-on-year increase of 22.7% from 2022. But it is still slightly lower than the peak growth rate of 28.9% in 2020.
The total size of China’s digital music market from 2018 to 2023. Screenshot of the WeChat official account of the Digital Music Working Committee of the China Music and Digital Association.
The Digital Music Working Committee of the China Music and Digital Association said that this growth rate fluctuation is affected by a variety of factors, such as the online dividend period brought about by the stay-at-home epidemic in 2020, the increasingly fierce competition in the digital market in recent years, and the emergence of consumer demand Stage changes and innovations in music technology, etc.
At the same time, the Digital Music Working Committee of the China Music and Digital Association stated that China’s digital music market covers multiple business fields such as online music, music short videos, music live broadcasts, and online karaoke. This diversified industrial development structure is conducive to the market Resist risks and maintain sustained and stable growth.
editor, Wang Jinyu
proofreader, Mu Xiangtong
