Japan’s Ministry of Economy, Trade & Industry Publishes Report on the Current State of Music Industry

Japan’s Ministry of Economy, Trade and Industry (METI) has published a report on its music industry.

The report is part of the Japanese government’s “Grand Design and Action Plan for a New Form of Capitalism 2024.” 

In this plan, several strategies for revitalizing the industry are listed, including “strengthening command structures within content creation industries,” “expansion of a global presence, as well as encouraging the creation and distribution of content that resonates with a global audience,” and “the development of an environment where creators can consistently focus on their work.”

Emphasizing the impact of digital transformation, METI’s 80 page report delves into shifts in consumer behavior, evolving distribution structures, and revenue models within the music industry. It also points out current issues the industry faces, such as lacking adequate personnel with digital marketing skills, and touches on the need for data that can accurately show the economic value of Japanese content, such as Billboard JAPAN’s “Japan Songs excl.Japan” chart.

In addition, the report states that working in conjunction with other Japanese industries such as anime, fashion and cuisine, as well as foreign countries, is crucial for revitalizing the industry.