​Why T-Pop is Winning the Internet But Losing the Music Business

The global music world is changing fast, and right at the center of it is Thailand. If you walk through the busy shopping districts of Bangkok, you can feel the energy. Thai pop music, or T-pop, has grown from a local style into a major trend that people are listening to all across Asia and the rest of the world. Every week, there is a new viral dance challenge on TikTok or a sold-out concert overseas.

When people talk about this big boom, they often ask one big question, "Is T-pop going to be the next K-pop?"

It is easy to compare Thailand to South Korea. It makes it look like a ladder where Korea is at the top, Thailand is at the bottom, and all Thailand needs is time to climb up. But that way of thinking misses what is actually happening. Thailand is already winning at a global level in one part of the music business, even while it works hard to build the boring, behind-the-scenes legal and financial systems that keep the money in the country.

The Three Different Music Economies

To really understand how the music business works, it helps to break it down into three different layers: the Attention Economy, the Fan Economy, and the Ownership Economy.

1. The Attention Economy (Where Thailand Is World-Class)

This layer is all about getting noticed, and Thailand has become incredibly good at making people pay attention. According to the International Federation of the Phonographic Industry (IFPI) Global Music Report, Thailand has entered a completely new era as digital technology opens up its local music to global audiences.

The attention economy includes:

• Going viral on TikTok and social media

• Songs featured in popular TV dramas

• Talent competition shows

• Short music video clips online

Data shows that Thai internet users are obsessed with music. In fact, a DataReportal study on Thai digital habits revealed that 50.1% of internet users say their main reason for going online is to listen to music. Furthermore, a massive 85% of Thai internet users are active on social media, with nearly half of them using TikTok.

Because Thai audiences love highly visual media, the attention economy here is heavily driven by video. When comparing weekly consumption, 56% of Thai fans prefer watching music videos over simply streaming audio. This visual focus allows an unknown singer to drop a song, spark a viral dance trend, and become famous across Asia in just a few weeks.

2. The Fan Economy (Where Thailand Is Growing Fast)

This is where attention turns into cash. According to a major financial study by the Siam Commercial Bank Economic Intelligence Center (SCB EIC), total revenue among T-pop labels is expected to reach 11 billion baht (about $337 million USD) in 2026, and rise to 13 billion baht by 2029.

But here is the catch: that money is not coming from streaming apps alone. SCB EIC points out that streaming payouts remain very low in Thailand, averaging just 0.01 to 0.36 baht ($0.00031 to $0.011 USD) per play. Because play counts alone cannot pay all the bills, the entire industry has built its business model around deep fan engagement.

The fan economy relies on:

• Concerts, music festivals, and international tours

• Merch like t-shirts, photo books, and albums

• Brand deals, commercials, and corporate sponsors

• High-ticket fan meet-and-greets

This economy is powered by a legion of culture enthusiasts known as "superfans." Research by MIDiA Research, cited by the SCB EIC, shows that while these superfans make up just 1.9% of an artist's total listener base, they drive up to 42% of the artist's total revenue. An SCB EIC consumer survey backed this up, finding that 86% of Thai pop fans actively support their favorite artists by spending money repeatedly across tickets, merchandise, and fan meetings.

Because of this, the live music scene is exploding. Rocket Media Lab reported that Thailand hosted 526 major concerts and fan meetings between 2023 and 2024, and the number of major concert rounds by T-pop artists jumped significantly from 37 in 2024 to 51 in 2025. Industry experts at Believe Thailand point out that live music and brand partnerships are the true financial engine of the market, often bringing in much more money than digital streaming.

However, relying completely on the fan economy creates a challenge. If a company only makes money when an artist is physically on a stage, performing at a festival, or doing a photoshoot, the talent has to work constantly. If they stop to take a break or get sick, the cash flow stops.

3. The Ownership Economy (Where Thailand Is Still Building)

This is the hidden layer of the music business, but it is the most important one because it converts popularity into permanent wealth. The ownership economy focuses on the legal rights behind the music:

• Publishing rights: Owning the underlying written music, chords, and lyrics.

• Master recordings: Owning the official final audio file of the song.

• Long-term royalties: Steady money paid out every time a song is played on television, in movies, on Spotify, or covered by another artist.

The IFPI values Thailand’s overall recorded music market at roughly $100.9 million USD, ranking it around number 29 globally, with over 90% of that recorded revenue officially coming from digital streaming platforms. Because streaming dominates how recorded tracks are consumed, the entities that own the master rights and publishing rights capture the majority of the long-term wealth.

A great example of this layer in action is the massive boom in original soundtracks (OSTs) for Thai television and streaming series. Entertainment law experts at Formichella & Sritawat point out that a soundtrack created for a hit series can become wildly successful on streaming platforms long after the show stops airing. However, if the "chain of title" (the legal paperwork proving who owns the song) is not properly structured at the beginning, local labels can lose control of their assets, and the financial rewards flow outward to global distributors.

In mature markets like the US or Europe, music catalogs are treated like valuable real estate. If a company owns the publishing rights to thousands of hit songs, those copyrights are worth millions because they bring in predictable, long-duration cash flows. Companies can use these music copyrights as collateral, meaning they can use their songs as security to get bank loans to expand their business, buy new equipment, or sign new talent without selling off pieces of their company.

Right now, banks in Southeast Asia are traditionally used to dealing with physical assets like real estate, buildings, or factories. They do not always have the tools to put a price tag on an intangible asset like a music copyright. Because local music companies cannot easily get a bank loan using their song catalog as collateral, they have to find capital elsewhere to scale up globally.

This financial gap explains the recent wave of foreign investments in Thai entertainment. For instance, GMM Music recently secured a massive strategic partnership with global giant Tencent Music Entertainment, a deal that valued the Thai music company at $700 million USD. Additionally, global players like Sony Music Publishing have recently stepped in to establish a direct presence in Bangkok to sign local songwriting talent.

While these international partnerships give Thai music a massive boost on the global stage, it means that a share of the long-term equity and ownership of Thai cultural assets is being transferred to global conglomerates. This is why SCB EIC warned that for T-pop to achieve sustainable global success, the country needs a robust national strategy that includes stronger financial support, tax incentives, and much better domestic copyright and intellectual property management.

The real goal for T-pop's future is not just about making catchy songs or matching K-pop's synchronized dancing. Success means building a system where Thai music is legally protected, properly valued by local banks, and structurally owned by the creators.

Viral videos create exciting moments, but **ownership** is what creates a permanent, powerful industry. Thailand has already proven it can make the world look and listen. The next step is ensuring it builds the financial and architectural foundation to protect and grow its creative wealth for decades to come.