The digital music market in Asia Pacific is set to grow.
According to a new US report by PricewaterhouseCooper (PwC), the digital music market in the Asia Pacific region will boom in the next five years, growing by 18.3% to a value of US$7.274 billion (AU$8.3 billion).
Back home in Australia, our digital music market is expected to grow 27.6% to a value of US$281 million (AU$320 million)- this is the highest projected growth of any market in the Asia Pacific region. This is a considerable growth for our industry considering just five years ago the digital music market was estimated by PwC to be worth only US$10 million (AU$11.4 million).
The report also indicated that strong broadband connections, and wireless infrastructures are helping the market turn around- and with the newly created arm of government looking after the National Broadband Network, who knows where the digital market will go from there. It looks like exciting times for the digital industry.
