We spoke to some industry insiders and up-and-coming local bands to see what their hopes were for the local music industry. Here's what they said.

More venues. There has to be more regular places that provide a platform for local bands, not—as Dark Than Wax founder Kaye points out, "one-off festivals or events." And of course, ones that" won't burn a hole in organizer's pockets," adds local rock band Caracal's KC.

Air time. "More local music being played on the radio or maybe a new radio station that plays a majority of local music," says Gabriel of Caracal.

Generous listeners. It's weird that we shell out hundreds of dollars to see visiting acts from abroad but not for local bands. "That is just sad," local singer-songwriter Alicia Pan says.

Collaborations. Local musician and organizer Aya Sekine would like to see our bands collaborating with artists from other countries. "The scene is too small," she says, "and I see too much emphasis on promoting locals to locals."

A real industry. In an absence of a robust industry there isn't as much know-how here as abroad. Lesley, founder of KittyWu Records, points out that there were "few independent labels that we could reach out to for support—the market was occupied by the likes of Universal. A lot of it was researching the US market and then adapting their practices and information."

Want more local music? For our list of 12 local bands to watch out for in 2015, click here.