Around one in five people in South Korea now subscribe to a music streaming service, as the country’s golden age for music – and for the music industry – shows little sign of abating.
Recent industry estimates suggest that the total number of paying music subscribers in South Korea, across all domestic and international platforms, is slightly more than 10m, up from around 8.5m at the end of 2018, in a country of 51m people. Streaming revenue, meanwhile, grew by 13.7% to US $329.3m in 2018 according to local sources, helping overall recorded music to leap 17.9% the same year.
Clayton Jin, CEO of Warner Music Korea, who we interview for our new Country Profile on South Korea says that the volume of streaming in South Korea is still growing strongly, while the government has ensured that the floor price of services is set to take into account inflation. “More and more great artists from diverse music genres and styles are coming to market with dreams of becoming global stars and I think this plethora of talent is the key driving factor of the growth in recorded music revenue,” he concludes.
Image by NINE STARS (CC BY 3.0)