Music Business Worldwide February 16, 2021 Kaz Kobayashi, President and CEO of Warner Music Japan. Japan cuts a distinctive figure amongst the world’s top five music markets. Four of the five – namely the US, UK, Germany and France, which are the first, second, fourth and fifth-largest, respectively – all look to music streaming as their primary revenue generator. In Japan, the CD is still king. According to RIAJ data analyzed by MBW, even with Covid-19 affecting the market, the CD accounted for 61.8% of all audio revenues in Japan in the first nine months of 2020. Streaming, however, significantly grew its market share in the period, claiming 27.5% of all audio revenues. (In the full year of 2019, that streaming figure stood at 19.3%.)