Music streaming is soaring in Australia as profits fly upwards
As music streaming boosts profits in the industry around the world Australia is seeing massive growth with 2 consecutive years of booming music popularity.
The music industry in Australia is on the rise for another year with a 5.5% bump in revenue for their recorded music market in 2016. This marks the country’s second year of continuous growth in music after reporting 5% growth the year before in 2015.
According to a new report from ARIA Australia’s recorded music industry grew to AUS$352 million, a 5.5% increase on 2015. A lot of the credit for the growth goes to music streaming as digital music now makes up a whopping 70% of the country’s entire industry, and over half of that is thanks to music streaming. Unfortunately in what seems to be a recurring theme around the world physical sales are still plummeting but are thankfully being offset by the rise of streaming.
Streaming’s growth was so impressive that it almost doubled in one year, seeing a 90% rise in 2016 for a total of AUS$135 million. With such immense growth music streaming made up 38.5% of Australia’s entire market value for music in 2016.
ARIA chairman Dennis Handlin said that the industry are “delighted to achieve continuing growth in 2016 building on the positive results from the previous year. This is a reflection of the industry’s innovative marketing and high level of artist development, as well as the further consumer take up of quality digital retail services”.
Vinyls are also on the up in Australia, with the revived music format also seeing a 70% increase in growth last year to AUS$15 million. Vinyl has been booming in the country for a while now, with 2016 being the 6th year of gains in a row for vinyl records.