(Australian Associated Press)
The value of the Australian recorded music industry has risen for the first time in three years – an increase of five per cent in 2015.
The Australian Recording Industry Association (ARIA) said last year’s increase to $333.8 million was driven by the continued uptake of digital services, particularly streaming, from which revenue doubled over the past year.
The streaming category includes revenues from subscription services such as Apple Music, Deezer, Google Play, Guvera and Spotify and other non-subscription on-demand streaming services such as YouTube and Vevo.
In 2015 digital accounted for 62 per cent of the overall market by value, continuing its rise from a 59 per cent share in 2014.
The result came despite download revenues falling 12.96 per cent. However the total value of digital formats rose 10.6 per cent to $207.6 million on the back of streaming revenue increases.
The other significant trend is vinyl revival. Revenue is up 38 per cent for the past 12 months.
Physical music sales fell three per cent compared to 18 per cent in 2014.
ARIA chairman Denis Handlin described the results as positive.
“It is exciting to see our local industry return to growth in 2015. The music business has continued to manage its way through times of challenge and transition,” he said.
“While the work with government, ISPs and other service providers to ensure artists and record labels are properly rewarded for their creative efforts is far from over, Australian music fans are embracing the many legitimate platforms where an incredible range of local and international music is widely available.”