Thai music industry expects to grow by 7-8% in 2025
The Thai music industry valued 15 billion baht is expected to expand by 7-8% year on year in 2025 on consumer preference on streaming platforms.
Phawit Chitrakorn, CEO of Thai record label GMM Music, expects the music industry to grow further, especially on the digital channel which grew by an average of 10% over the past three years.
He said the music industry can grow further on three factors: consumer preference to listen to music via streaming platforms, Thailand’s potential in hosting concerts and music festivals, and artist management.
“The core of music industry growth is streaming,” he said.
He implied record labels and music content producers as arms dealers who sell weapons for streaming platform operators, saying that streaming platform operators have to implement strategies to attract listeners, boost subscriptions and generate revenue.
“In every war or fighting, the arms dealers always win,” he said, adding that the record label has witnessed a 14% increase in digital advertising revenue as well.
Phawit noted that GMM Music has music, music videos and concert footage for streaming platform providers, which could generate 1.27 million baht in revenue for the record label.
He confirmed that new generation consumers are willing to pay subscriptions for exclusive access and privileges on YouTube, saying that subscription fees could rise further.
The global music industry is now able to generate revenue from digital content and streaming higher than sales of cassette tapes or CDs, he said.
Phawit pointed out severe competition in hosting concerts among Asian artists. However, Thai and Western artists still have rooms to grow in concert and music festival businesses, he added.
