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Music artists worldwide are going wild for Web3 tools as they increasingly connect with their followings via the usage of collectible non-fungible tokens (NFT), virtual meet and greets, and metaversal concerts.
With the global music industry revenue reaching $26.2 billion in 2022, according to the International Federation of the Phonographic Industry’s (IFPI) ‘Global Music Report 2023’, it’s no surprise the sector and swelling virtual world have become more intertwined. The online revolution is democratizing the music industry, as well as ushering in better royalty systems and direct relationships with fans. But as Web3 matures, the APAC region and the West have adopted different approaches, each suited to local audience interests and demands. According to the Development of China’s Music Industry 2022 report, the value of China’s music industry in 2021 grew 8.54 percent year on year to reach some $54.9 billion (378.7 billion RMB). Meanwhile, Asia accounted for 22.9 percent of global music market revenue in 2022, as reported by the IFPI. As Asia’s population becomes more tech-savvy, demand for more digitized experiences is seeping into the entertainment ecosystem. The region’s idols are scrambling to keep up with the shift. Source: Jing Daily
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