"It is an important and dynamic time for music in China," said Tencent Music Entertainment CEO Cussion Pang, speaking at the 2017 Music Matters conference. "Technology advances are enabling more personalized and social music experiences. The market is developing quickly and we are on the cusp of a dramatic transformation. The opportunities for artists and publishers have never been greater."
TME partnered with Music Matters to develop the "China Music Forum," a half-day event, curating interviews, presentations and panels among industry leaders. In addition to Pang's keynote, the forum featured a discussion with Andy Ng, Group Vice President, TME, on the future for music publishing in China.
During his address, Pang noted that China has a potential to become a major market for streaming and a major source of future streaming revenue. However, Pang described some unique differences between the Chinese market and western markets for streaming.
"In China, unlike other markets, music streaming emerged at the same time as social networking and mainstream ecommerce, which means that consumers expect convenience and they expect integration. Anyone selling music, or using music to market their products in China should explore the possibilities of this deeply integrated landscape," said Pang.
While not widely known in the west, TME is now one of the world's largest platforms and social networks for music with more than 17 million songs and more than 700 million monthly active users in China.
"More than 200 record labels, including Universal Music Group, Sony Music, Warner Music and Huayi Brothers and YG Entertainment have joined us to set a new standard for the way music is created, distributed and enjoyed," said Pang. "Many subscribers now are paying for music on TME's platform, providing a strong foundation for the industry's development and growth."
via Celebrity Access