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Business News (more headlines) 06-11-2017

RIM Launched Its First Ever Economic Impact Study Report Of The Malaysian Music Industry

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The Recording Industry Association of Malaysia (RIM) released its first ever economic impact study entitled "RIM-PwC Economic Impact Study of the Malaysian Music Industry" in the inaugural RIM Townhall: Meeting of the Minds at the Content Malaysia Pitching Centre, Platinum Sentral, Kuala Lumpur. The report was successfully launched by the Minister of Communications & Multimedia Malaysia, YB Datuk Seri Dr. Salleh Said Keruak.

The economic impact study was spearheaded by RIM to reveal the true facts and figures of Malaysian music industry and determine how the industry contributes to the Malaysia's economy. The study assessed the economic impact of the Malaysian music industry from 2011-2015. Some of the key findings presented during the launch are:

1. Malaysian music industry as a whole generated an "economic output" of approx. RM12.2-RM13.4 billion a year.

2. Malaysian music industry made an impact towards the country's GDP at about RM5.5-RM6.1 billion per year.

3. Malaysian music industry created around 75,198-83,113 job opportunities per year.

4. Malaysian music industry made a tax impact at about RM228-RM247 million per year.

YB Datuk Seri Salleh Said Keruak commented on his speech, "I'm truly honoured that the industry has invited me to witness and launch this report first-hand because I believe it is very important for the government to take advantage of these proven facts and figures in public policy making,". He added that, "The Malaysian government is committed in working with the music industry to grow this sector and increase its contribution to the growth of the economy as a whole."

"I've been waiting for this moment. Finally, I am able to share this publicly and I hope that the findings can inspire all stakeholders and public to support the development of the Malaysian music industry and therefore bring forth greater results for the local music industry," said Darren Choy, Chairman of RIM.

Dato' Norman Abdul Halim, Chairman of IFPI Asia-Pacific Regional Board commented, "The report findings show impressive results! We (Malaysian music industry) are contributing in no small measure to the country's economy and I hope that this would be an eye-opener for everyone to look at the true potential of our Malaysian music industry,"

The industry townhall event, RIM Townhall : Meeting of the Minds, was organised successfully with a full house of over 100 attendees from various industries to participate in voicing out for the true change in the Malaysian music industry.

Aside from the launch of the report, there was a panel discussion session on "Music Going Digital: How Recording Companies Can Adapt?" paneled by Dato' Norman Abdul Halim (Chairman of the Asia-Pacific Regional Board of IFPI & Executive President of KRU Music Sdn Bhd), Darren Choy (RIM Chairman/Managing Director of Warner Music Malaysia) and Patrick Tay (Execu tive Director of PwC Malaysia). Ali Johan from BFM Radio successfully moderated the interesting questions posed by the industry.

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