ARIA has shared its 2020 wholesale figures today revealing a 7.3% increase for the Australian record music sector, generating $542 million in revenue per annum.
According to the report, growth has been recorded across the streaming and vinyl sectors, with a drop in revenue for both digital downloads and CDs.
Vinyl offered a huge increase of 32% from the 2019 period, now taking a total of 5.4% of the market. This translates to a total of 1,147,649 vinyl albums sold in the year for a dollar value of $29,393,800. In 2019, 884,946 vinyl albums were sold, making $22,264,720.
The category is now projected to overtake CD sales in 2021.
Streaming services have also seen a 14% on the previous year, with $362,345,390 brought in for the year (up from $317,040,800 in 2019). This represents 82.3% of the total market in 2020.
Video streaming has also seen a 13.46% increase, generating $43,463,420 for the sector (up from $38,308,690).
CDs continue to decline in value for the sector with a 17.26% decrease, selling 3,291,332 units in 2020 compared to 3,794,171 in 2019 ($30,566,490 in 2020 to $36,941,630 in 2019).
Digital downloads dropped 27% in 2020 to a total market share of 6%. Digital track sales were worth $17,867,320 compared to 2019's $24,408,290, while digital albums are down 28.95% ($14,738,010 in 2020 compared to $20,743,780 the previous year).
In 2019, The Music took a look at just how much music consumption had changed across the previous decade. Read it here.