Romania is making waves in the global music market, proving to be a rising star in the industry. A recent report from PwC Romania has highlighted the country's music industry as having the highest estimated media and entertainment industry growth rate (7%) among the Central and Eastern European countries in 2023. This impressive growth rate underscores Romania's burgeoning music scene and its potential to rival more developed markets.
The country's music industry has seen a significant boost thanks to the high internet penetration rate, with 91.6% of the population of 19 million people connected to the internet as of the start of 2024. This digital revolution has opened up a vast addressable market for streaming services in Romania. Spotify, for instance, has been available in the country since 2018, providing a platform for both local and international artists to reach a wide audience.
"Romania is an emerging music market that's growing at a fast pace. It's catching up with more developed markets," said a music industry expert, emphasizing the country's potential to become a major player in the global music scene.
Moreover, the country's focus on promoting and connecting the Romanian music industry with the rest of Europe and the wider global music business is evident through events like the Music Moves Europe Business Summit (MMB). This event aims to strengthen the relationships with other international conferences and showcases, promoting Romanian artists internationally and fostering collaborations with the global music community.
Despite the challenges such as a "lack of infrastructure in the live sector," Romania's music industry is showing promising signs of growth. As the second biggest market in the Central and Eastern Europe region after Poland, and with the entire region boasting a population of over 500 million people, the potential for growth is immense.
"Digital has now become the main revenue source for the recording industry, with Romania being one of the Top 5 most developed digital markets in the region," a music business professional noted. This shift towards digital platforms is a testament to the adaptability and resilience of the Romanian music industry in the face of global trends.
In conclusion, Romania's music scene is on an upward trajectory, with its fast-paced growth catching the attention of the global music market. With the right infrastructure, support, and international collaborations, Romania could soon establish itself as a major player in the global music industry.
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