Last week, Singapore’s preeminent record companies commented on the nation’s aim of expanding the music industry and attracting new businesses. This ultimately helps local music companies to remain viable, says Singapore Incorporation.
Leading record companies such as the Universal Music Group have lauded the Singapore Government last week, for leading the growth of the country’s music industry amid changing consumption habits and digitisation. Singapore Incorporation recognizes that this reflects Singapore’s aim to become a bigger player in the evolving music industry.
Universal Music Group, which has based its regional business development unit in Singapore since 2011, explained that the Singapore Government has facilitated the growth of the local music industry by helping record companies connect with their target audiences. Apart from Universal Music, the country has also paved the road for other international music labels to establish their regional headquarters here. Some examples are Sony Music Entertainment, Warner Music and Rock Records.
Singapore’s music industry was not exclusive to attracting only major brand names to the country. It also enabled local independent record companies like Hype Records, Touch Music Publishing, Wise Entertainment, EQ Music, and Music & Movement to make their presence felt in the local music sector. CNN Travel, its article titled 5 of Singapore’s best local record labels, has even lauded some of the locally founded record companies, such as Midnight Shift, Darker Than Wax, and Rawjak for pushing the industry and the nation’s music scene forward.
INDUSTRY DEVELOPMENT BY THE GOVERNMENT
However, Singapore’s well-known record companies have also acknowledged that consumer habits are changing in Asia, which accounts for a quarter of all international music sales. This has posed Singapore with the challenge of effectively coping with these changes, while trying to build an ecosystem for the industry to thrive.
In response to the challenge, Singapore’s Media Development Authority (MDA) has tried to stimulate the industry by encouraging record companies to work with other media content partners and industry players. For instance, MDA’s collaboration with MediaCorp to launch Call-For-Proposal has led to the infusion of local television dramas and Singapore-made films with the scores produced by Singaporean musicians. These theme songs, which receive statewide radio and television exposure, lend a robust marketing arm to the artistes and record companies.
The MDA has also implemented the Development Assistance Scheme, an industry grant scheme, to encourage starting a company in Singapore’s music industry. This scheme, which has fuelled the success of the local singing celebrity Miguel Antonio, also enables music companies to produce their singles and press kits, and share them on digital platforms.
USING TECHNOLOGY TO MARKET RECORD COMPANIES
These digital platforms have increasingly become the way music is accessed and enjoyed in today’s digital age. Instead of perceiving it as a threat to the physical marketplace of music, Singapore has strategically embraced the use of new digital technology. This has helped record companies to market their music and connect with their audience.
Singapore has executed this strategy by enabling consumers to access music directly from online sources while on the go. It has opened its doors to Apple’s iTunes and to popular music streaming service Spotify in the last two years, reinforcing Singapore’s standing as the region’s digital music hub.
“Music streaming apps on smartphones have become ubiquitous and the landscape of the music business and content distribution is rapidly changing. The Singapore government has managed to keep up with these changes and helped local music labels to generate market clout for their music, artistes and branding. It only goes to show the abundance of business opportunities there are between local record companies and new streaming and digital music services”, said Ms. Jane Koh, Marketing Manager at Singapore Incorporation.
About Singapore Incorporation (incorporation-singapore.com)
Singapore Incorporation is a one-stop solutions provider to companies and professionals who want to do business or work in Singapore. Other than starting companies, Singapore Incorporation also offers Singapore work pass, accounting and tax, as well as statutory compliance services.
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