Music industry dreaming of China streaming

China will become one of the world's biggest music markets by 2020, a forecast that prompted a recent consensus among three major international record companies - Universal Music, Sony Music and Warner Music - as well as QQ Music, a music-service platform under the Chinese Internet giant, Tencent.

The companies declared unanimity about the Chinese market's potential at a conference in Beijing, where the main discussion focused on music streaming and subscription, the fastest-growing areas in digital music in China, and new business models these generated.

According to the International Federation of the Phonographic Industry's 2015 World Ranking report, China ranked No 19 in global trade revenues.