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21 de Junio de 2023

Get to know the musical services portfolio that Colombia exports

Learn more about the music services portfolio that Colombia has to offer to the international market, which has been well received thanks to its value proposition.

Colombia has been specialized in its musical services offer with its own label that is highly valued in the international market. Learn more about the Colombian offer advantages and its value proposition. 
The professional music sector portfolio in Colombia is composed of multiple specialized services that have been developed and positioned themselves over the last ten years. The country's offer has gained relevance and has consolidated its position in international markets thanks in part to its skilled human capital, the specialized companies' growth, the standardization of a digital focus business model with the DSPs use and its geography’s sound diversity. 
Besides, entities such as ProColombia, the Ministry of Culture, the CCB and Redlat are working to provide support to Colombian delegates who are present in international markets, mainly in Europe, to give shape to the country strategy known as Colombia Country of Music, which seeks to make Colombia a musical destination and a benchmark in the industry. 

Musical services with the Colombian label

Colombian DJ producing music for international audiences.

The country has been strengthening its portfolio with services that are highly valued in the international market. One of the main factors that have led the foreign attraction for the local product is the Colombian sound label. The country has the contribution of cities with strong cultural traditions such as Barranquilla, Cartagena and Cali, which reflects its richness and uniqueness in a sound mix that is attractive to the sector creators and entrepreneurs who are searching for diverse influences to achieve a special sound in their productions. 
Colombia has also positioned itself as a regional meeting point for music production, as artists from countries such as Panama, Venezuela, Chile, Argentina and the United States come to the country to make their productions, thanks in part to the growth in the number of recording studios and professional companies in that industry. 
According to the Bogota Chamber of Commerce data, in the 2022 second semester, there were more than 1500 companies dedicated to the music industry in the capital, which represents an 18.4% growth over the previous year. 
The country's music services include, for example, those offered by specialized marketing agencies and digital publishers and distributors, which have a strong digital presence and attract many foreign artists who choose to work with them in their promotional and advertising plans. 
These publishers and distributors operate under a DSP (Digital Signal Processor) model, in which any song reproduction on the planet generates micropayments to the phonogram owner and the author or composer. This becomes royalties which these companies are responsible for collecting. The agencies as well as publishers and distributors' growth is directly related to the upward dynamics of skilled and first-rate human capital in the local industry. 

Colombian presence and offer in international markets

Colombian musician playing the drum.

In the digital distribution era, with more than 65% of revenues coming from streaming, according to information of the International Federation of the Phonographic Industry, the international audiences' frontiers have been opened up for local artists and production costs have been reduced, allowing them to take their music (the national industry talent and potential testimony) to any place on the planet. 
Having artists and music producers with extensive experience and international success such as J Balvin, Carlos Vives, Shakira, Bomba Estéreo, ICON or Totó La Momposina, make Colombian music to gain prestige and reputation on the global scene, reaching nominations in 22 of the 53 categories of the last Latin Grammy Awards. 
This has also allowed the number of folklore and alternative music groups with a Colombian label to increase every year, circulating in Europe, North America (Canada and the United States), Latin America and Asia. The genres and fusions immense variety is another competitive factor since the country's offer can cover all kinds of audiences thanks to its diversity
According to the Global Entertainment & Media Outlook projections, the music industry, which had reached US$ 46,023 million globally by the 2021 ending, could reach figures of US$ 67 billion by the 2025 ending. Regarding Colombia, the industry figures are expected to reach US$76 million during the same year. 

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