ARIA has released its 2018 wholesale figures, which show a successful year for the Australian music industry with $526 million in revenue representing 12.26% annual growth.
The music industry body release details the highlights:
Music streaming revenue continues its explosive growth pattern to now account for over two thirds (71.4%) of overall market by value and growing by 41.2% over the year.
The streaming category includes revenues from subscription services (such as Apple Music, Deezer, Google Play and Spotify) and other non-subscription on-demand streaming services (such as YouTube and Vevo).
Revenues from shipments of physical products accounted for 15% of the total market, with sales from vinyl albums increasing for the eighth consecutive year, up by 15.2% in 2018. By value, vinyl made up just under 28% of revenues from physical formats.
Denis Handlin, ARIA chairman and chairman and CEO of Sony Music Entertainment Australia and New Zealand and president, Asia, was enthusiastic about the positive results:
“We are delighted to announce that for the fourth consecutive year, there has been growth for the Australian recorded music business.
“This result is a testament to the great music that is being produced by our outstanding local artists, as well as the tenacious approach that our local industry takes in marketing and delivering music from all around the world to fans across the country.
“It is now more important than ever that Australia also has the right legal framework in place to protect and promote the work of our Australian artists to ensure artists are adequately remunerated for the use of their valuable recordings.”
Dan Rosen, chief executive ARIA reiterated the industry’s optimism for the year ahead:
“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.”