The Philippine music industry declined by 75 percent in the last 10 years
The alarming drop was in sharp focus at first Pinoy Music Summit at the Landbank Plaza in Manila on Wednesday.
The event brought together key personalities in the music, entertainment, business and government sectors in finding ways to revive the original Pinoy music (OPM) industry.
The summit, titled “Basta’t Pinoy, Push Mo Yan,” discussed creative solutions to help Filipino music reach a wider audience.
Ryan Cayabyab, executive director of the PhilPop Foundation, pointed out four issues confronting the music industry today. The most notable is the decline in revenues.
“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 said.
Aside from dropping CD sales, the dominance of foreign over local music, radical changes in technology, and the experimental marketing strategies by independent artists through the Internet were cited as factors that weighed down the industry.
President Benigno Aquino 3rd identified the importance of summit, calling on industry stakeholders to identify the true state of the music industry and come up with solutions.
“The essence of this summit is to spread and promote music that is truly ours” the President said.
“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,” he said.
“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 said.
The summit brought together the Philippine Society of Composers, Authors and Publishers Inc. (Filscap), the Philippine Association of Record Industry Inc. (Pari), the Organisasyon ng Pilipinong Mang-aawit (OPM), the Asosasyon ng Musikong Pilipino Foundation (AMP), the Philpop MusicFest Foundation and other concerned agencies, along with Senator Teofisto “TG Guingona that chairs the Committee on Culture and the Arts and Senator Benigno Paolo “Bam” Aquino 4th of the Committee on Trade, Commerce and Entrepreneurship.