China’s Music Market Sees 5% Growth in 2024: A Snapshot of a Maturing Industry
China's music industry continues its upward trajectory, with a recently released state-backed report confirming a 5% year-over-year growth in 2024. While that figure may appear modest compared to previous years' double-digit surges, it signals a maturing and diversifying market with multiple high-performing segments contributing to long-term sustainability.
🎶 Industry Value Hits Nearly $69 Billion
According to the China Music Industry Development Annual Report, the total market size reached RMB 492.9 billion (approximately USD $68.6 billion). This encompasses not just recorded music but also live performances, karaoke, sync licensing, and more—showcasing the holistic scale of China’s music economy.
🎤 Live Music Comes Roaring Back
A major highlight from the report is the explosive 46.6% growth in live music revenue, which climbed to RMB 38.73 billion (~USD $5.39 billion). After years of pandemic-era disruptions, the Chinese concert and festival scene has rebounded in full force. Domestic and international artists are once again filling arenas, and fans are responding with enthusiasm.
📱 Digital Music Keeps Growing Steadily
Digital platforms remain the bedrock of China’s music monetization strategy. Streaming and download services saw a 15% year-over-year growth, bringing in RMB 102.7 billion (~USD $14.3 billion). With platforms like Tencent Music, NetEase Cloud Music, and short-form video apps integrating music more deeply, consumers are more engaged than ever.
🧩 The Broader Picture: Sync, Karaoke & Licensing
Other segments such as karaoke, film/TV/game licensing, and synchronization rights continue to bolster the industry’s total value. While individually smaller than digital or live music, these categories contribute essential revenue streams that diversify the ecosystem.
🌏 China Now the 5th Largest Global Market
In a significant global shift, China officially surpassed France to become the 5th largest recorded music market in the world. After posting a 25.9% jump in 2023, this year’s steadier growth reflects consolidation rather than stagnation—an industry reaching a more stable rhythm after years of rapid expansion.
🔍 Final Thoughts
China’s music market is not just growing—it’s evolving. The 5% growth in 2024 tells a story of balance: streaming is thriving, live events are exploding, and new revenue channels are opening up. For artists, labels, and investors, this signals a market that’s no longer just catching up to the West—it’s carving out its own sustainable path forward.
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