An annual industry report released by ARIA today has revealed that Australia's music industry has enjoyed four consecutive years of increase in revenue from recorded music.
As first revealed via the IFPI issued Global Music Report, the total value of the Australian recorded music industry has grown by 12.26% in the last year, now sitting at a healthy $526 million.
These figures can largely be attributed to the exponential uptake in streaming services, which now accounts for 71.4% of Australia's overall market value - a staggering 41.2% increase from the numbers posted in 2017.
Reflecting global music consumption trends, ARIA noted a drop in the sale of CDs and digital downloads, which now comprise $53.2 million and $68.7 million respectively (for comparison, in 2017 CDs and digital downloads made up $77.7 and $97.1 million of our total recorded music revenue). Interestingly enough, the vinyl market continues to enjoy a steady incline in sales, posting $21.7 million compared to last year's $18.8 million. Check out the digits for yourself below.
In a statement released today, ARIA Chief Executive Dan Rosen celebrated the positive figures - "The continued growth that we have seen in 2018 is strong recognition of the enduring creativity and resilience of our local industry. This success comes from hard work and commitment to the ongoing investment in our local artists."
"The opportunity for Australian artists to grow their careers on the global stage is immense. ARIA will continue to work with both Federal and State governments to establish the necessary policy settings to support and sustain our vibrant local music industry so we can ensure these unique Australian voices are heard around our country and around the world.”
Peruse the full Global Music Report at your own leisure here.