Author: Trevor Hsu
Date: April 12th, 2023
The music industry in Taiwan has been a significant part of the country’s cultural and creative economy, contributing to the development of local talent and promoting Taiwanese music internationally. However, like many industries, the music sector has faced numerous challenges over the years. In this article, we will explore the current state of the music industry in Taiwan and its relationship to the business world.
The Current State of the Music Industry in Taiwan
According to data from the International Federation of the Phonographic Industry (IFPI), the music market in Taiwan generated a revenue of 210 million USD in 2020, with streaming services accounting for the majority of sales. Despite the impact of the pandemic on the live music industry, Taiwan’s music scene has continued to thrive, with new artists emerging and established artists releasing new material.
Opportunities for Business in the Music Industry
The music industry in Taiwan presents a range of opportunities for businesses to tap into the market. One area that has seen growth in recent years is music streaming services. In a statement to Taiwan News, the CEO of KKBOX, a leading music streaming platform in Taiwan, stated, “As the market matures, more opportunities will be generated, not only in terms of music creation but also in areas such as music licensing and copyright protection.”
Additionally, the development of new technologies and social media platforms has created new opportunities for artists and businesses to connect with fans and promote their music. In an interview with Focus Taiwan, singer-songwriter Eve Ai said, “Social media is a great way to connect with fans and build a following. It has allowed me to promote my music and reach new audiences.”
Challenges Facing the Music Industry
Despite the opportunities for growth, the music industry in Taiwan also faces numerous challenges. One of the most significant is piracy and copyright infringement. According to IFPI’s Global Music Report 2020, Taiwan ranked second in the Asia Pacific region for the highest rate of music piracy, with an estimated 76% of music consumption being from illegal sources.
Another challenge facing the industry is the lack of government support and funding for the arts. In an interview with Taiwan News, Wu Nien-jen, a Taiwanese screenwriter and film director, stated, “I think Taiwan needs to pay more attention to the cultural and creative industries. There needs to be more investment and support from the government to help develop local talent and promote Taiwanese culture.”
In conclusion, the music industry in Taiwan presents numerous opportunities for businesses to tap into the market and support local talent. However, there are also challenges that need to be addressed, such as piracy and the lack of government support. By working together, businesses, artists, and policymakers can help to create a thriving and sustainable music industry in Taiwan.
IFPI Global Music Report 2020
Taiwan News, “KKBOX CEO: Music streaming market in Taiwan expected to grow”
Focus Taiwan, “Eve Ai’s music takes her around the world”