THE first-ever Pinoy Music Summit in the country brought key personalities in the music industry from the entertainment, business and government sectors together in a whole day event to revive the original Pinoy music (OPM) industry that has declined by 75 percent in revenues for record companies in the last decade.
Urging the local music industry to adapt to modern times by means of including technology in its marketing strategies, the symposium titled “Basta’t Pinoy, Push Mo Yan” held at the Landbank Plaza in Manila on March 19 focused on creative solutions to develop the Filipino music to reach a wider audience.
Ryan Cayabyab, executive director of the PhilPop Foundation, pointed out four trends that make up the local music industry today. The most notable is the “decline in revenues in the recording industry.”
“1999 is considered the peak of the Philippine recording industry with total industry CD sales reaching to P2.7 billion. Since then, album sales have gone down to P699 million by 2010. That represents a 75 percent drop in revenues for recording companies in one decade,” Cayabyab declared.
With the ongoing trend of CD revenue decline, dominance of foreign over local music, radical changes in technology, and the experimental marketing strategies by independent artists through the Internet, the government have finally taken notice that the music industry in the Philippines needs an overhaul.
President Benigno Aquino 3rd identified the importance of this ground-breaking event, calling on various industry stakeholders to identify the true state of the music industry and to come up with solutions that will help the growth of the declining industry.
“Ito ay ang diwa ng ating pagpupulong. Ang palaganapin at paunlarin ang musika na sariling atin [The essence of this summit is to spread and promote music that is truly ours]”, Aquino said.
“Ito ay isang ginintuang pagkakataon para matalakay ang mga probisyon at mga hamon ng industriya ng musika sa Pilipinas ngayon, kasabay ng paglalatag ng mga posibleng solusyon para sa pag-unlad nito [This is a golden moment to discuss provisions and challenges that are faced by the music industry n the Philippines, together with proposing solutions for the growth of the industry],” Aquino further stressed.
“Ano nga ba ang tunay na estado ng industriya ng musikang Pilipino ngayon? Ano ba ang implikasyon nito sa ekonomiya at paano ba natin matutulungan ang 300,760 na manggagawa na nagtratrabaho sa industriyang ito? [What is the true state of the music industry in the Philippines? What are the implications of this industry to the economy and how will we be able to help the 300, 760 workers in the industry.],” the president asked.