Australian live music industry revenue declined by up to 90% in 2020
A reported published by PwC has revealed various shocking statistics regarding the landscape of the Australian music industry in 2020. The report, which is now in its 20th edition, was published as part of the consulting group’s annual Entertainment and Media Outlook, which provides invaluable insights to the industry every year.
The report found that the Australian music industry as whole declined by 39% – from $1.8 billion in 2019 down to $1.1 billion in 2020. This is largely due to the restrictions placed on the live music segment of the industry – with only $86 million in revenue deriving from live music. The report also commended the industry for its resilience, despite the many factors that have contributed to its reduction:
“Sporadic lockdowns, a delayed vaccine roll out and ongoing border closures did not stifle the ingenuity and innovation shown throughout the sector in 2020 as alternative programs were developed to keep the industry afloat.”
Potentially even more disappointing to Australian festival-goers and music-lovers alike is that arena world tours are not likely to resume in Australia until mid-2022. Reduced international travel and Australia’s strict quarantine requirements are the cause, with any international visitors required to complete a mandatory 14 day quarantine on arrival, with the report stating:
“Additionally, until international movements are more fluid and conditions regarding 14 day quarantine are modified, we are unlikely to see a return of the biggest world tours to Australia’s arenas, though confidence grows that this may be addressed from mid to late 2022.”
Although it’s not all bad – Australia’s digital music market grew 8.3% last year, which despite being less than previous years (suggesting a maturing market) is still a positive for a wildly battered industry. Much like the global music industry, the Australian industry has taken a significant hit, but is now showing signs of life – so now more than ever, if safe to do so, get out there and support your local music industry!
Image Credit: Ultra Australia