With the explosive overseas success of acts like Gang Of Youths and Amy Shark and the continued dynamism of local scenes, it’s easy to recognise that Australia is a massive musical force to be reckoned with.
With our acts going toe-to-toe with international superstars on festival stages and with more cross-over hits coming in yearly, the strength of our home-grown talent is captivating the hearts and ears of the nation – and now, the industry as a whole is reaping the rewards.
As confirmed by ARIA, the value of the local recorded music industry tracked a 10.5% increase for 2017. The increase in value to $391 million was the largest the industry has experienced in annual figures in 1996, driven by the consumer uptake of streaming services.
2017 was undoubtedly the year of streaming – the revenue accrued from streaming services alone accounted for 54% of the overall market, bringing in a huge $213 million.
Despite a global drop in sales, physical formats are still playing a key role in the music industry, accounting for 25% of the overall market, with the ever-growing vinyl revival contributing greatly, with record sales increasing by 19%.
Denis Handlin AO, ARIA Chairman and Chairman and CEO of Sony Music Entertainment Australia and New Zealand and President, Asia, was enthusiastic about the positive results released, saying: