The kids are gonna be alright. Music streaming revenue has become the dominant consumption format for Australian music fans, now accounting for 38.5% of overall market by value, totally $135.5K.
In fact, streaming fuelled the local industry’s 5.5% growth in revenue in 2016, generating $352.2 million.
The wholesale figures, released today by Australian Recording Industry Association (ARIA), continue the market’s return to growth for a second year running. In 2015 it reported a 5% increase thanks to streaming services such as Apple Music, Spotify, Google Play and others.
Revenue from streaming is now growing by 90.5% over the year. It’s also fuelling an increase in total digital market sales, up 17.6% to $244 million, and making up around 70% of the total market.
For the sixth consecutive year, vinyl sales are on the rise, up 70% to over $15.1 million in value.
As for downloads specifically? They’re following a typical downward trend. The iTunes-led format (along with ‘other digital’ formats like ringtones) generated over $105 million in recorded music revenues in 2016. That’s down from over $132 million in 2015, and over $152 million in 2014.
ARIA’s wholesale figures show the thirst for local music and its globally competitive caliber hasn’t wavered. 20 Australian artists scored #1 albums in 2016, collectively spending 25 weeks at #1 on the chart.