UMG’s Max Hole: ‘Asian Consumers Hold Key to Music Industry Future’

By Roy Trakin Asian music consumers hold the key to the music industry’s future. That’s the basis of remarks made by Universal Music Group International Chairman-CEO Max Hole in his keynote speech this morning at Music Matters in Singapore, Asia’s leading music business conference. Asia accounts for 60 percent of the world’s population, and yet music sales in the region have to date accounted for less than a quarter of the global market and mostly from just one country, Japan. However, today’s rapidly developing digital and access models mean that the music industry has a “once-in-a-generation” opportunity to foster dynamic and growing music markets that reflect the region’s size and cultural importance. Hole argued that China is in the position of being able to jump straight to the next stage in the evolution of music consumption behavior. “When I look at the Chinese music industry, despite its difficult past, I see the future,” said Hole. “China is not only the world’s largest country, it is also the world’s biggest experiment in testing the new business models of the future. “Before someone asks, no, we do not think your band will do well in China. But, it might be worth watching how other music is sold in China. It is impossible for a market of that size to not generate interesting models that can be deployed in other countries.” Read the full article here: http://www.hollywoodreporter.com/news/umgs-max-hole-asian-consumers-706616

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