Vietnam’s digital music industry has been expanding rapidly over the last decade. A forecast by Statista Inc., an internet statistics portal, shows that the revenue in this segment of the Vietnamese economy is US$21 million in 2019, and will have an annual growth rate of 2.2% - this will result in a market volume of US$23m by 2023. They also state that the user penetration of the market will reach 18.7% in 2019 and hit 19.4% by 2023. Such growth prospects and impressive advances in mobile networks, with local telecommunications firms racing to roll out 5G connections, have attracted many foreign players to Vietnam’s digital music market. Besides the global giants in the industry such as Apple Music and Spotify who jump into service directly, others have chosen to invest in or acquire Vietnamese music platforms to enjoy the ready-made reputation and customer base.
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