Industry Context

A Large Market That Has Already Been Proven

Industry Scale

• Global recorded music revenue reached approximately US$31.7 billion in 2025, a year-on-year increase of 6.4%.

• The number of global paid subscribers exceeded 750 million, indicating that music has completed its transformation from a "channel business" to a "subscription cash flow asset."

• Online music/streaming has become the absolute mainstream format, accounting for over 69% of revenue.

• The industry has maintained stable growth for many consecutive years, demonstrating strong demand resilience and user stickiness.

The global music industry is no longer an experimental sector. It has already demonstrated durable demand, repeat consumption, and scalable monetization models. Streaming, subscriptions, and digital distribution have proven that music can generate long-duration global cash flow.

This matters because Melody is not trying to invent demand for music. It is building a better structure around demand that already exists.