The overall 2017-18 financial year was a boon for APRA as their $420.2 million in group revenue surged by 8.7 percent since last year, as detailed in their annual “Year in Review”. For the first time, digital revenue outplaced broadcast (TV & radio combined) up 5.8 percent year-on-year to $132.6 million. Revenue from concerts and events also increased by 24 percent, with revenue sitting at $25.3 million.
As has been the case for some time now, digital revenue soared to 22 percent of the total, with audio streaming predictably taking out the largest share at $81.9 million, up by nearly 32 percent.The report attributes much of these gains to continued consumer interest in digital content and “an increasingly democratised online media landscape”.
Off the back of these results, APRA AMCOS CEO Dean Ormston has lodged its submission to the federal government’s inquiry into the music industry.
“We need bipartisan and cross-portfolio support and investment in realising the potential of the Australian music industry based on a strong vision to become a globally recognised music nation powerhouse,” Ormston said in the report’s opening statement.
APRA topped off the report by pointing out that their 55.2 percent growth trumps the “much publicised” apartment construction industry’s growth at 49.3 percent. We’ll take that as an excuse to invest more in music any day.
Read the full-year’s wrap up here.
Image via Vishnu R Nair.
