ARIA has today released its 2016 wholesale figures and the results are overwhelmingly clear — revenue is up and streaming is continuing to rise at a rapid pace.
ARIA has noted a 5.5% growth in revenue since 2015, generating $352.2 million for the Australian music industry, while streaming now accounts for 38.5% of the overall market by value, and growing by 90.5% over the year.
The growth in streaming resulted in an overall 17.6% increase in the total digital market, with sales now accounting for approximately 70% of the total market.
"The industry is delighted to achieve continuing growth in 2016 building on the positive results from the previous year," ARIA Chairman and Chairman & CEO of Sony Music Entertainment, Denis Handlin, said of the results.
"This is a reflection of the industry’s innovative marketing and high level of artist development, as well as the further consumer take up of quality digital retail services.
"Although our industry is now on a pathway to recovery, it is absolutely critical that Australia retains a strong copyright framework to ensure that artists and labels can continue to invest, innovate and protect their work and earn their fair share in the growing digital market."
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Physical formats are still playing a vital role for the industry as well, with revenues of $107.9 million accounting for 30.6% of the total market, while vinyl also enjoyed another successful year, increasing by 70% to over $15.1 million in value.
This is the sixth consecutive year that vinyl sales have increased.
"The continued growth that we have seen in 2016 is a testament to the ongoing creativity and resilience of our local industry," ARIA CEO, Dan Rosen, said.
"To think that the dominant form of our revenue is now derived from a category that did not exist five years ago demonstrates the innovative nature of the Australian music business.
"Record labels have done a great job in supporting their artists while embracing the multitude of ways consumers can legally access the music they love.
"It is truly exciting times for our local industry, with 2017 already seeing four Australian acts already having Number One Albums, multiple ARIA award winner Flume winning a Grammy, and a growing number of our local artists having success on the international stage."
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