The Chinese online music market was worth RMB 2,3bn (USD 350m) in 2010

"According to the 2010 China Online Music Market Annual Report recently released by the Cultural Market Department of China's Ministry of Culture, China's online music market (including mobile) grew 14.4% YoY to reach a total value of RMB 2.3 bln in 2010.
Revenues from internet-based online music rose 64% YoY to reach RMB 280 mln, while revenue from mobile music sales rose 9.8% YoY to RMB 2.02 bln (based on service providers' gross revenues), accounting for 87.8% of the overall online music market. Telecom operators saw revenue from mobile music rise 3.5% YoY to RMB 27.9 bln."
Source:  Marbridge Daily, 10th March 2011
Currency translated using XE.com - RMB 1 = 0.15 US Dollars