Radio important for music industry says KPMG report
The report critiques the lack of a cohesive strategy for growing the local music industry. The report notes that in the absence if such a strategy, two policy initiatives – local content and needletime – appear to be the flag bearers for the development of the South African music industry.
“Resting the development of the South African music industry by increasing the obligations of the broadcasting industry is a potentially unsustainable strategy. There is clearly a need for an integrated strategy that meets the needs of all stakeholders in order to ensure that the South African economy reaps the net benefit” concludes the report.
The document, which was released on 29 August to coincide with South African music week shows that although the music industry experienced a negative growth rate of 12.4% in sales by value over the last year, local music increased its market share to 23% of total sales by value during 2000.
“Resting the development of the South African music industry by increasing the obligations of the broadcasting industry is a potentially unsustainable strategy. There is clearly a need for an integrated strategy that meets the needs of all stakeholders in order to ensure that the South African economy reaps the net benefit” concludes the report.
The document, which was released on 29 August to coincide with South African music week shows that although the music industry experienced a negative growth rate of 12.4% in sales by value over the last year, local music increased its market share to 23% of total sales by value during 2000.