Creative Economy Agency talks up potential of Thai music industry

Thailand can play an important role in the global music industry through the government’s soft power promotion policy, the Creative Economy Agency’s senior knowledge management officer Intarapitak Charoenrat said on Sunday.

He noted that the International Federation of the Phonographic Industry (IFPI)’s Global Music Report 2024 showed that the global music business generated US$28.6 billion (965.50 billion baht) in 2023, up 10.2% over 2022.

“The main contributor was streaming with 67.3% of total revenue,” he said, pointing to the trend for listening via digital platforms.

He added that Asian countries, especially South Korea, China and India, have also contributed to the growth of the global music industry.

K-Pop plays an important role in the Asian music industry as it can generate high revenue and has worldwide appeal. K-Pop fans contribute to the promotion of artists by purchasing albums, attending concerts or taking part in social media activities, he explained.

He added that six K-Pop bands appear on IFPI’s top 20 global artist chart, including Seventeen, Stray Kids, Tomorrow X Together and Newjeans.

Intarapitak went on to say that the IFPI Global Music Report 2024 also showed the role played by technology in boosting consumers’ music experience.

Virtual reality and augmented reality have been used to create virtual concert experiences for audiences, and enable them to attend concerts around the world, he explained. Artificial intelligence (AI), meanwhile, improved the music quality and analysed consumers’ preferences, allowing artists and producers to produce music to meet their demands.

Blockchain was used to ensure transparency and fairness on revenue sharing, as well as offering copyright protection.

Automatic playlists, recommendations based on listeners’ interests, and online events to connect artists and fans and streaming platforms are also continually evolving.

“These innovations have enabled the music industry to adapt to digital transformation, and offer opportunities for artists, producers and consumers worldwide,” he said.

Intarapitak said Thai music industry has potential to penetrate the global market, with a revenue of $126 million (4.25 billion baht) in 2023, up 18.6% year on year, adding that the growth was thanks to the government’s policy to promote music industry globally as the country’s soft power.

Several policies have been launched under the collaboration between public, private and international partners, such as the Music Exchange project which aims to promote Thai artists to take part in international music festivals, he added.