Bangkok: In a strategic move to elevate the Thai music industry to international prominence, Napinthorn Srisanpang, Deputy Minister of Commerce, has initiated discussions with leading global music labels. The talks aim to leverage Thailand’s burgeoning music market, which currently ranks fifth in Asia with a valuation of 3.6 billion baht.
According to Thai News Agency, the discussions were held during the IFPI Asia-Pacific Regional Board Meeting at the Anantara Riverside Bangkok Resort. The Ministry of Commerce, in collaboration with the International Federation of the Phonographic Industry (IFPI), is focusing on strategies to increase the global demand for Thai music. A significant aspect of this strategy is the emphasis on music intellectual property rights, which are crucial for generating sustained revenue in the digital era. However, the rise of AI technology presents challenges that need to be addressed to safeguard the industry.
The Ministry of Commerce is actively engaging with executives from major
music labels, including Sony Music Entertainment, Universal Music Group, and Warner Music Group, all of which are part of the IFPI Executive Committee. This collaboration seeks to create a robust network to maximize the income potential of Thai artists and facilitate their steady expansion into the international market.
Despite being small, the Thai music market demonstrates significant potential. In 2023, the market’s revenue reached 107.7 million dollars, surpassing that of China, Hong Kong, and Chinese Taipei. This growth, a 6.3% increase from the previous year, underscores the Thai government’s commitment to using the music industry as a soft power strategy to enhance the country’s global standing. Plans are underway to organize further promotional activities and draft legislation to ensure fair and transparent royalty collection, thereby fostering a sustainable ecosystem for the music industry.