UNCTAD: Streaming services account for 70% of music industry revenue

Streaming services account for 70% of music industry revenue, while digitally delivered services have grown by an average of 8% annually over the past decade, UNCTAD Chief of Services Trade and Development Section Dong Wu said at the 7th World Forum on Intercultural Dialogue in Baku.

According to Report, she said the creative economy had significant potential to drive economic growth and diversification. According to UNCTAD estimates, it accounted for 6.8% of GDP in 2021 across the 53 countries covered by its study.

Meanwhile, Rashad Azizov, Director General of the Azerbaijan Film Agency, said the state should create an ecosystem for the development of creative industries and act as a regulator rather than a market participant.

He said developing the sector required creating markets for the production and export of creative products, establishing new promotional channels and attracting private investment.

Yernur Rysmagambetov, founder and CEO of Alem Entertainment GP, noted that domestic films accounted for around 85% of the films currently available on the Kazakhstani market.

According to him, interest in national content has grown significantly in Kazakhstan in recent years.

"Ten years ago, Hollywood films and productions from other countries accounted for around 85% of box office releases, but audiences are now increasingly choosing domestic films," he said.