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News October 20, 2022

APRA AMCOS Reports Record Revenues, Energised by Streaming Platforms

APRA AMCOS Reports Record Revenues, Energised by Streaming Platforms

APRA AMCOS posts a “balanced revenue” sheet for its financial year, one that includes record level of distributions, thanks to gains from digital sources — specifically music and video on-demand streaming.

The lingering pandemic does drag on the PRO’s public performance revenue, which is said to be “typically solid,” while international income was “flat.”

Gross revenue came in at $616.5 million for APRA AMCOS’ 2021-22 financial period, up 21.6% from the previous year, and a new record for the organisation.

At the same time, net distributions to songwriters, publishers, affiliated societies and other rights holders were $534.3 million, up 20.7%.

“It’s been another milestone revenue year,” comments APRA AMCOS CEO Dean Ormston in association’s Year In Review, published today (Oct. 20), noting the net distributable revenue passed the half-billion mark for the first time.

Digital is now the furnace for APRA AMCOS; digital sources (combined domestic, up 29.1%; and multi-territory licensing hub, up 68.4%), provide the heat for its activities, generating $338 million, up 40.2% from the year-before period.

That’s roughly half of APRA AMCOS’s revenue portfolio.

Public performance collections — APRA AMCOS’ oldest business — are up by 23.2% to $77.5 million.

“We are acutely aware that for many of our members, our financial year results bely the day-to-day reality of trying to earn a living as a music creator,” Ormston adds.

“As I flagged in this report last year, COVID-19 highlighted the dichotomy in the contemporary music industry globally – an increasingly digital business that continues a trajectory of strong growth, but for many music creators doesn’t generate meaningful return, as against live music performance which can provide a meaningful and reliable return, but has been decimated by COVID-19.”

APRA AMCOS revenue breakdown FY22 vs. FY21

COVID is still making its unwelcome presence felt.

“Concerts and festivals revenue fell short of the FY22 forecast, the association notes, though revenue from the months of May and June was above expectations.

APRA forecasts a “return to strong growth” and “considerable opportunity in both the international and public performance business units over coming years,” Ormston adds.

With streaming platforms paving the way to growth, APRA AMCOS also reveals those songs most-often played in Australia and New Zealand, either written or co-written by an APRA member.

The top track in Australia was “Stay,” recorded by The Kid Laroi and Justin Bieber, ahead of Pnau’s remix of “Cold Heart” by Elton John and Dua Lipa, and Vance Joy’s “Missing Piece,” respectively.

At the top of the NZ leaderboard is L.A.B.’s “In The Air.”

APRA AMCOS used the release of its latest data set to reiterate calls for the creation of a federal music agency to oversee strategic investment and policy development.

Calls for the agency became louder in September, following the publication of The Music Industry Review’s Raising Their Voices, and during Bigsound 2022.

The six priority areas for government are: First Nations music priorities, Immediate investment and support, Supercharge policy and investment: ‘Music Australia’, Strong intellectual property framework, Visibility and prominence of Australian music content, and National catalyst for live music with a tax offset.

“It’s going to take a collective industry approach to achieve lasting change,” Ormston concludes.

“There’s energy and enthusiasm for change. And certainly, APRA AMCOS will stand shoulder to shoulder with industry colleagues to help drive that change.”

Read the APRA AMCOS report here.

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