20 Apr 2022 17:26

Music Industry Association set up in Russia

MOSCOW. April 20 (Interfax) - The Music Industry Association has been established in Russia, its aim will be to elaborate a strategy for overcoming the crisis, which is associated, among other things, with foreign companies' departure from the country and the shrinking of content distribution channels.

"The Music Industry Association was set up as a response to the spontaneous desire of the professional community to consolidate amid the deteriorating economic situation in the industry, especially due to the departure of major labels from the country and the sharp decline in the number of promoted content distribution channels," the press service for the association said in a statement.

The founders of the association were the First Musical label, the Velvet Music production center and the gazgolder creative association.

The main objectives of the organization are to develop a common strategy for the creative industry to overcome crises, comprehensive legal and advisory support, and the search for mutually beneficial partnerships with leading national companies in other segments of the market for the development of Russian music streaming.

PwC believes that the Russian music market, which was able to adapt to the pandemic by relying on streaming revenue, and could well reach $1 billion by 2024, is on the verge of a new crisis.

The Association "can simplify communication between all participants in the music market and facilitate the rapid adoption of the required legal and technological decisions on current issues," General Director of the gazgolder creative association Nikolai Duksin said.

Producer Valery Drobysh was elected general director of the association for five years.