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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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”.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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…<\/p>\n","protected":false},"author":12,"featured_media":12306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[8576,8573,762,8574,26,98,217,512,28,8575,550,678,5580,230,2978,2477,422,229,326],"acf":[],"yoast_head":"\n