Local Music Industry Revenue Hits Record High In 2024
KUALA LUMPUR, Feb 10 (Bernama) -- The local music industry’s revenue rose by 11.5 percent to RM339 million in 2024, making it the highest revenue in the history of the local music industry.
Recording Industry Association of Malaysia (RIM) chairman Rosmin Hashim said the previous highest revenue record was RM315 million, set in 1996.
“This (2024’s) extraordinary achievement was driven by a 14 percent increase in digital revenue and a 7.6 percent increase in royalty collection by the country's three main collective management organisations,” he said in a statement today.
He remains optimistic about the future of the local music industry due to various initiatives that have yielded positive results throughout 2024.
“These initiatives include efforts to encourage investment in the local music industry, protect the intellectual property of members, provide relevant data for government policy-making and the drafting of new music-related laws, as well as offer assistance to industry players in need,” he said.
Rosmin said RIM remains proactive in engaging with ministries and government agencies to protect the interests of copyright owners and formulate new policies and laws that support the growth of the local music industry.
"Regarding the extension of copyright protection term, RIM has held discussions with the government on amending the Copyright Act to extend the protection period for musical works and sound recordings from the current 50 years to the new international standard of 70 years.
"In our engagement session with the Ministry of Science, Technology and Innovation, RIM has also proposed the introduction of new legislation requiring copyright owners' permission for the use of copyrighted songs in training AI-generated music models,” he said.
RIM has also taken initiatives to combat piracy and protect members' rights by renegotiating and making the necessary amendments to cooperation agreements between rights holders and broadcasters, he added.
-- BERNAMA
