Napinthorn’ discusses with a major music label to boost the Thai music industry to the international level, expanding after 2023. The Thai music market is ranked 5th in value in Asia, with a value of 3.6 billion baht.
Mr. Napintorn Srisanpang, Deputy Minister of Commerce, presided over the opening of the IFPI Asia-Pacific Regional Board Meeting at Anantara Riverside Bangkok Resort. The Ministry of Commerce and the IFPI discussed the goals of driving the Thai music industry to grow and be in demand in the global market. A key factor that helps Thai music grow in the digital age is musical property (Music IP), which refers to music rights or copyrights, which are a key strategic strength that allows music labels to generate continuous income for decades. At the same time, AI technology has become one of the challenges for the global music industry, and Thailand must prepare for the possible impacts.
‘The Thai music industry is growing rapidly. Thai music is popular both domestically and internationally. The M
inistry of Commerce has assigned the Department of Intellectual Property as the main organization to drive the country’s intellectual property to move forward as the main cog to support Thai artists and music businesses to enhance the potential of the Thai music industry to be one of the hidden gems ready to shine on the world stage.’
Today is the starting point for the Ministry of Commerce to discuss with the CEOs of major music labels such as Sony Music Entertainment, Universal Music Group and Warner Music Group, which are the Executive Committee of the International Federation of Phonographic Industry (IFPI), an organization with over 8,000 member companies from over 70 countries, to find ways to cooperate in promoting the growth of the Thai music industry, creating a powerful network to help Thai artists generate income from their music to their full potential and expand into the international market steadily.
Although Thailand is a small market, it has remarkable potential. In 2023, the Thai music mark
et was ranked 5th in Asia, with a revenue of 107.7 million dollars or approximately 3.6 billion baht, which is the highest figure in ASEAN and higher than China, Hong Kong, and Chinese Taipei. The value grew by 6.3% from 2022. This success is the result of the Thai government recognizing the importance of the music industry as an important tool under the soft power strategy to drive the country onto the world stage. The Ministry of Commerce has a plan to continue organizing activities to promote the Thai music industry as the country’s soft power. It is also in the process of drafting a law to oversee the collection of royalties in Thailand to be transparent and fair, beneficial to both copyright owners and users, in order to create a good ecosystem for the Thai music industry to grow steadily and sustainably.
Source: Thai News Agency
