Aussie music biz pitches ambitious plan to government: 5% global share by 2030

The Australian music industry has made an ambitious pitch to the Federal government, to help it grow its market share in the $17.4 billion global recorded music market from its current 1% to 5% by the year 2030.

The submission was made by the Australian Recording Industry Association (ARIA) following consolation with APRA AMCOS, Association of Artist Managers (AAM), Australian Independent Record Labels Association (AIR) and the Phonographic Performance Company of Australia Limited (PPCA).

The peak groups met last week to respond to the government’s House of Representatives Standing Committee on Communications and the Arts’ inquiry into the Australian music industry.

In the wake of ARIA figures that the local music industry posted the best revenue growth in twenty years after a period of “challenge and disruption”, minister for arts and communications Mitch Fifield called for an inquiry into how the government could best push the growth even more.

ARIA told the Committee: “Today the Australian recording industry is a digital growth industry.

“After a long period of challenge and disruption, the music business has evolved to embrace the growing online and global marketplace.

“There remain significant challenges for the industry to overcome in order for Australian artists, labels and the local industry to thrive in this global marketplace – and ARIA welcomes the Committee’s inquiry to investigate the way the Australian music industry can continue to grow sustainably.

“Our local performers and songwriters play an important role in reflecting and recording our cultural identity – telling our stories from our own unique perspective – and increasingly are taking these songs to the world.”

In its submission, ARIA points out that achieving the 5% share in twelve years could be done through:

• creators’ rights;
• investment;
• export;
• local content;
• music cities and live music; and
• music education

The Committee is chaired by Luke Howarth MP who said when the inquiry was convened:

“Australian music is loved at home and around the world for its creative talent and innovation.

“The committee wants to hear how Australian composers, songwriters, performers, and producers can expand their reach and better compete with overseas artists.”

According to the London-based International Federation of Phonographic Industries (IFPI)’s 2018 report, Australia is ranked #8 in the world’s music markets.

The list is topped by the US, followed by Japan, Germany, UK, France, South Korea and Canada.