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The traditional recorded music business was all about selling units, which naturally meant that the most important markets were not the most populous but the wealthiest. Throughout the late 20^thcentury this created a ‘global’ market that was dominated by North America, Europe and a few others. This is why (among other political reasons) Japan became the biggest Asian music market, rather than China.

Today’s music business is different. Streaming (particularly via ad-supported and bundles) can monetise large-scale audiences in lower per-capita GDP markets. Suddenly population size matters, and emerging markets become the world’s largest addressable music audience. The emerging markets opportunity has the western music and investment sectors salivating, but there is another layer many have missed: this shift is going to change how western record labels operate, not least by challenging the very notion of the global superstars which they trade in.

Anglo repertoire’s traditional dominance

Prosperity…