Given that the global recorded-music industry was worth $19.1bn in 2018, it may seem extremely ambitious for the government of Chinese capital Beijing to be hoping that its city’s music industry alone will be worth $17bn by 2025. Still, that’s the ambition, and bear in mind that this is a measure of revenue from music (live included) and all kinds of related industries such as tourism. According to IQ, the Beijing municipal government reckons these revenues were already $8.6bn in 2017.
Whatever you think of the figures, the key thing here is Beijing’s intentions to plough investment into its local music industry: “to build more small-sized live music venues, offer artists better copyright protections and increase development of its digital music industry” as IQ puts it. That will bring opportunities for local and international musicians alike, although international labels may have more reservations about the Beijing authorities’ desire to also invest in AI-music composition technology.
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