According to PricewaterhouseCoopers (PwC), the country’s digital music platforms are expected to earn $1.06 billion in total sales by 2020 -- making China the fastest-growing music market worldwide. Tencent, for example, announced on January 31 that its music arm, Tencent Music Entertainment Group (TME), will work with Sony to create the company’s first original music label, Liquid State. More On Forbes: China's Tencent Has Quietly Built An Entertainment Empire That Western Tech Giants Can Only EnvyOther Chinese companies aren’t to be left behind. China’s largest music streaming apps are now profitable, but face rising content costs as they sign licensing deals with major record labels such as BMG and Warner Music Group. “Independent artists have more ways to monetize than international labels,” he added.

Source: Forbes February 09, 2018 02:37 UTC