Australia’s music industry has recorded its highest annual growth in over 20 years

With the explosive overseas success of acts like Gang Of Youths and Amy Shark and the continued dynamism of local scenes, it’s easy to recognise that Australia is a massive musical force to be reckoned with.

With our acts going toe-to-toe with international superstars on festival stages and with more cross-over hits coming in yearly, the strength of our home-grown talent is captivating the hearts and ears of the nation – and now, the industry as a whole is reaping the rewards.

As confirmed by ARIA, the value of the local recorded music industry tracked a 10.5% increase for 2017. The increase in value to $391 million was the largest the industry has experienced in annual figures in 1996, driven by the consumer uptake of streaming services. 

2017 was undoubtedly the year of streaming – the revenue accrued from streaming services alone accounted for 54% of the overall market, bringing in a huge $213 million. 

Despite a global drop in sales, physical formats are still playing a key role in the music industry, accounting for  25% of the overall market, with the ever-growing vinyl revival contributing greatly, with record sales increasing by 19%. 

Denis Handlin AO, ARIA Chairman and Chairman and CEO of Sony Music Entertainment Australia and New Zealand and President, Asia, was enthusiastic about the positive results released, saying: 

“We are delighted to see the industry in such a positive growth path and that this strong 2017 result follows the increased revenues over the past two years.”

 “The industry continues to transform and change at a rapid pace and the results are a credit to the continued high-quality work, innovation, development of local artists, as well as to the industry’s tenacious approach in marketing and delivering music to fans across the country.”

“Although our industry is now on a pathway to recovery, it is absolutely critical that Australia retains a strong copyright framework to ensure that artists and labels can protect their work and earn their fair share in the growing digital market.”

This article originally appeared on The Industry Observer, which is now part of The Music Network.