ARIA has released its 2018 industry figures today which reveal a fourth-straight year increase in revenue from Australian recorded music.
The value of the industry grew 12.26% to $526 million last year, an increase that was largely driven by an uptake in streaming music services.
Music streaming revenue now accounts for over two thirds (71.4%) of overall market value - up 41.2% from 2017. This category includes revenue from subscription services such as Apple Music, Google Play and Spotify and other non-subscription on-demand streaming services such as YouTube and Vevo.
Of the total market value, digital downloads and CD albums were down from 2017, accounting for $68.7 million and $53.2 million respectively, but there was a surge in the vinyl market up from $18.8 million to $21.7 million.
"The continued growth that we have seen in 2018 is strong recognition of the enduring creativity and resilience of our local industry," said ARIA Chief Executive Dan Rosen.
"This success comes from hard work and commitment to the ongoing investment in our local artists.
"The opportunity for Australian artists to grow their careers on the global stage is immense. ARIA will continue to work with both Federal and State governments to establish the necessary policy settings to support and sustain our vibrant local music industry so we can ensure these unique Australian voices are heard around our country and around the world.”
ARIA Chairman and Chairman and CEO of Sony Music Entertainment Australia and New Zealand and President, Asia Denis Handlin also thinks the result is a testament tot the great music produced by local artists
“We are delighted to announce that for the fourth consecutive year, there has been growth for the Australian recorded music business," he said.
"This result is a testament to the great music that is being produced by our outstanding local artists, as well as the tenacious approach that our local industry takes in marketing and delivering music from all around the world to fans across the country.
"It is now more important than ever that Australia also has the right legal framework in place to protect and promote the work of our Australian artists to ensure artists are adequately remunerated for the use of their valuable recordings.”
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