Home Uncategorized The Australian Recorded Music Industry Achieves 'Healthy' Growth in 2022
The Australian recorded music industry

The Australian Recorded Music Industry Achieves 'Healthy' Growth in 2022

Home Uncategorized The Australian Recorded Music Industry Achieves 'Healthy' Growth in 2022

The Australian recorded music industry experienced growth in 2022, with a significant increase in revenue and overall market size. According to recent reports, the industry’s growth was deemed “healthy” and highlights a promising future for the country’s music industry.

The Australian recorded music industry was considered the lowest-performing market with only 4.4% growth in revenue, based on data released by IFPI. However, as of today, it has improved significantly and is now closer to 8%, which is in line with the global growth average.

IFPI’s Global Music Report 2023 confirms that Australia’s recorded music market grew by 8.1% in 2022, maintaining its position as one of the top 10 markets globally. This growth is particularly noteworthy since it is moving towards double digits, and it is an encouraging sign.

During a briefing for the trade body’s annual report, IFPI CEO Frances Moore emphasized the progress of the Australian market by stating,

“I don’t think the four percent last year was a real problem. It very often depends on what the releases are.”

In 2021, despite being the worst-performing market worldwide, the market in Australia was still up. This indicates a healthy development of the market in the country.

Furthermore, Simon Robson, the president of Warner Music Group‘s international Recorded Music division, has a theory regarding the recent growth in Australia’s live music scene. According to him, it could be due to the country’s strict COVID-related measures. Robson, who recently returned from Australia, noted that many artists are visiting the country, which has helped to increase interest in music again. Notable names such as Ed Sheeran, Harry Styles, Red Hot Chili Peppers, and Fred Again have visited the country in recent weeks.

This growth in the Australian music scene has contributed to the overall growth of the global recorded music market, which saw a 9% increase in 2022, reaching US$26.2 billion, primarily due to paid subscription streaming. This marks the eighth consecutive year of growth for an industry that was once thought to be in terminal decline. Also, the subscription streaming platforms saw a growth of 10.3% and contributed US$12.7 billion to the total streaming revenue, which amounted to US$17.5 billion, reflecting an increase of 11.5%. This indicates that streaming now accounts for two-thirds of global recorded music revenues. (Source)

ARIA has reported that the recorded music industry in Australia reached a 16-year high in 2022, with wholesale revenue totaling $609.6 million, representing a 7.4% increase from the previous year’s $567.8 million. This marks the fourth consecutive year of growth for the industry.

Notably, subscription streaming platforms are the driving force behind this growth, generating $410.7 million, an increase of 8.9%. Subscription brands now make up 67.4% of the local industry, in line with the global average. Vinyl album sales have also surged, growing by approximately 23% to $36.9 million, almost double the market value of digital downloads, which declined by 17.7% to $19.2 million. Despite these positive trends, ARIA CEO Annabelle Herd emphasizes that there is still a need to focus on discovering and promoting new Australian artists.

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