Australia’s known for its emus and beaches, with people coming to Sydney to enjoy concerts and hair extentions in Bondi Junction, among other experiences. The music industry and concerts go hand-in-hand, but a new revenue stream has bolstered the industry at large across the world.
Streaming has expanded recording music revenue across the world, with several music markets in the globe seeing explosive revenue growth.
Take the US for example, where paid subscription streaming amounts for the biggest chunk of the music industry’s revenue, which sat at a hefty $4.7 billion, a 33% from 2017.Across the pond, meanwhile, paid streaming brought in more cash than physical and downloads in the UK, with the BPI noting that subscription streams made up for more than half of the income made by British labels in 2017, at 54%.
Overall, streaming music revenue across the world went up to £516 million/$687 million, while ad-funded streams like Spotify went up to 25.8% to £1 million/$25 million.
As for the AU, the Australian Recording Industry Association (ARIA) released its wholesale figures, which showed that the country’s recorded music industry is in a good spot, with healthy gains for 2018, making 2018 the industry’s fourth year of growth in a row. The ARIA’s digging noted that the AU’s music revenue went up by 12.3% to AUD$526 million in 2018.
As for revenue from streams, platforms like Spotify, Apple Music, and Google Play are becoming more popular, with people listening in even as they get hair extentions in Bondi Junction, or commute to work, resulting in a revenue growth of 41.2% over 2017. Streaming, as a medium, now accounts for more than two-thirds of the AU’s recorded music revenue, raking in AU$304 million, which is 71.4% of the industry’s revenue for that year.
Physical formats account for a mere 15% of the AU’s music market now, with album revenues dropping by 31% per-annum to just AU$53 million. Oddly enough, the wave of nostalgia that vinyl is riding on continues, with revenue growing by 15.2% to AU$21 million.
ARIA Chairman, CEO & Chairman of Sony Music AU and NZ, Denis Handlin says that these numbers are a sign of how the AU’s artists are producing great music, and how the local industry stands whatever comes its way.