Japan's Ministry of Economy, Trade and Industry (METI) has released a report on its music industry.
The report is part of the Japanese government's “Grand Plan and Action Plan for a New Form of Capitalism 2024.”
In this plan, several strategies for revitalizing the industry are listed, such as “strengthening command structures in the content creation industries”, “expanding a global presence, as well as encouraging the creation and distribution of content that resonates with a global audience” and “Developing a environment where creators can consistently focus on their work.”
Emphasizing the impact of digital transformation, METI's 80-page report delves into changes in consumer behavior, evolving distribution structures and revenue models in the music industry. It also highlights current issues facing the industry, such as a lack of sufficient staff with digital marketing skills, and touches on the need for data that can accurately show the economic value of Japanese content, such as Billboard's “Japan Songs excl.Japan” chart JAPAN.
In addition, the report states that cooperation with other Japanese industries such as anime, fashion and cuisine, as well as with foreign countries, is vital to revitalizing the industry.
