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(London.CityRegiions.com, November 23, 2012 ) Kent, UK -- Hong Kong’s music retail industry finds itself at a crossroads as consumer tastes change and technology gravitates to the next big thing The majority of the small music shops that could be found along Honk Kong streets have mostly gone out of business, but some major retailers have been able to survive through diversification. According to the International Federation of the Phonographic Industry, sales of music in Hong Kong have dropped from HK$2.8 billion in 1989 all the way down to HK$400 million last year. Even worse, music exports of Hong Kong's locally produced music sold elsewhere is almost nonexistent, when it was, at one time, as much as HK$1 billion annually. The ability to find free and inexpensive music on the Internet, along with the popularity of technological advances, such as MP3s and WMA digital files, is behind the drop in music store revenue. As a result, mom-and-pop music stores have fallen by the wayside, leaving only major retailers like HMV or Hong Kong Records to survive. Siu King-chin, who founded Hong Kong Records in 1989, says there are many difficulties plaguing the music retail business. As a result, his stores have diversified by adding DVDs, such as movies, concerts, documentaries, and television series, to their retail lineup to draw in more customers. Siu said compact discs still sell in his stores, such as when a popular singer passes away. "Michael Jackson's CD sales surged after his death three years ago," Siu said. "When Whitney Houston died earlier this year, her album sales picked up, but not as strongly as Michael Jackson's." Siu remains optimistic about the future of the business, despite the challenges the industry is currently facing. "I still believe in the future of Hong Kong Records as people need entertainment, and buying music CDs is good entertainment in that it doesn't cost you a lot of money," Siu said. "You can listen to music from the Internet, but you can't send it as a physical gift to your friend. You can buy a CD from our shop, wrap it nicely and gift it." About Xpress CDs: Xpress CDs (http://www.xpresscds.co.uk/) offers professional CD and DVD replication and duplication services. They also offer a number of other services, including CD and DVD production, CD pressing, and package printing.
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Source: EmailWire.Com
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