Recorded music revenue in South Korea grew around 20% in 2016, according to local executives, with little signs of the country’s recent digital-led boom running out of road.
South Korea experienced double-digit growth in recorded music revenue from 2013 to 2015, according to IFPI figures. While revenue figures for 2012 did reveal a 4.4% annual decline, this was due to exceptional circumstances – in this case the collapse of Cyworld, a major social networking service platform and one of the biggest digital music service providers at the time.
In 2015, income from recorded music grew 12.4% in the country to $281.3m and, while the IFPI has yet to release figures for 2016, local executives believe the market grew by 20% last year and believe that it will continue to expand in the near future, driven by sustained growth in the streaming market and, perhaps surprisingly, increasing revenue from downloads.
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