Singapore's music culture may evidently be growing, but here are some numbers to back it up.
Influential consulting firm Price-Waterhouse Coopers (PwC) has released their 2017 – 2021 Global Entertainment and Media outlook, and it looks good for Singapore.
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The music market in Singapore has been riding on an upward trajectory — as summarized by Music Asia — and a big part of that has been the proliferation of major live concerts, along with an increasing reliance on streaming. In 2016 alone, live music in Singapore accumulated a total of US$51 million.
Here’s a helpful table for you to see the numbers at a glance (currency in US$):
|2016||2021||CAGR (Compound annual growth rate)|
|E & M revenue||5.6bn||7.1bn||4.7%|
|Music market revenue||73mn||89mn||3.9%|
|Live music revenue||51mn||61mn||3.4%|
|Streaming service revenue||11mn||22mn||15.0%|
Unfortunately, given the boom in streaming services, the market for physical CDs seems to be on the decline, dropping to a meagre USD$0.8m by 2021, registering a CAGR of -20.1%.
The report cited various efforts undertaken, over the past year or so, as reasons behind such phenomenal growth — like the expansion of high-profile concerts since the re-opening of the National Stadium, along with the continued reign of festival events, which include Laneway Festival Singapore.
“At a time when entertainment and media is becoming more virtual, consumers in Singapore continue to value live experiences," says Oliver Wilkinson, Entertainment and Media Leader of PwC Singapore.
"Singapore now has venues, such as the National Stadium, which play host to the global stars, and consumers are snapping up these high-priced tickets more than ever before.”
Also, with the tech-savviness of Singaporeans, streaming services are also all the rage. Recently, in our interview with Spotify Asia’s managing director Sunita Kaur, we found out that 1 in 2 Singaporeans use Spotify, either in its free or premium form. Furthermore, streaming services like Apple Music, KKBOX, and Singtel Music Store are also used by consumers to reach their favourite music.
The upshot of this is that much work has been done to set the music scene on an upward trend. The onus obviously falls on all of us to ensure this trend continues for a long time to come.
PwC has made the outlook report available for purchase here, although you'll need to cough up a bit of cash for it (*cough* US$2,200).
For a full list of high-profile acts playing headlining shows in Singapore, check out our evergreen list here.
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