ARIA today announced that the Australian recorded music industry has charted its fastest growth in over 20 years, with a 10.5 per cent increase ($391 million) over 12 months.
The achievement is owed largely to the success of streaming services (now including non-subscription services such as Vevo and Youtube), which make up over half of the entire market.
Streaming services and vinyl sales on the rise, as the Australian music industry records its fastest growth since 1996.
Physical sales, however, are continuing on an overall downward trend – now making up only 25 per cent of the overall market. Vinyl on the other hand is the only physical form of music to see growth. Wax has been charting growth for seven consecutive years now, increasing 19% in sales this year.
The announcement is a big win for the Aussie industry, with ARIA CEO Dan Rosen calling the growth a “wonderful story of resilience, hard work and innovation.”
“Our business will continue to evolve, and we must remain vigilant to ensure that the growth is sustainable in an increasingly global and digital marketplace,” he says.
Rosen credits the statistics to the variety of formats through which music is now available.
Music fans today can access their favourite artists across a multitude of formats, from vinyl in their local record store to streaming services on their phones or smart speakers
Check out ARIA’s music sales statistics from 2016/2017 below:
Via Music Feeds.