West eyes Asian digital music markets
As digital music explodes around the world, Western music and mobile phone industries are turning towards the massive Asian markets.india Updated: Jan 23, 2006 12:17 IST
As digital music explodes around the world, Western music and mobile phone industries are turning towards the massive Asian markets full of Eastern promise.
The enormous Indian market and potentially colossal Chinese promise rich pickings to the music, video, cellphone or games companies that can gain a foothold in them, participants at MIDEM, this year's five-day influential music trade fair that opened in this French Riviera resort town on Sunday.
A total of 14 companies from India, 17 companies from Singapore, 12 from China and two each from Malaysia and the Philippines.
China and India are two of the world's top markets in terms of mobile handset growth, with one billion cellphones apiece already, and digital penetration is "going through the roof" in both markets, Ajax Scott, publisher of the UK-based Music Week magazine, told a packed MIDEM conference here.
Though 3G phones have still to be launched in India, with 78 million mobile phone subscribers, the potential for generating digital music, video and cellphone revenues is huge, Neeraj Roy of India's Hungama Mobile told MidemNet participants.
With its colossal Bollywood film business, music on mobile phones will be dominated by songs made for movies, Roy noted. But Indian music looks to be on its way Westwards as Apple's iTunes, MSM Music and Napster have just snapped up a lot of this local music content to take it global.
With 112 companies represented at this year's MIDEM, Japan, is one of the top ten countries exhibiting at the fair.