Music Australia recently released a report showcasing the significant economic impact of Australia’s music industry, revealing that it generated over $8 billion in revenues in the fiscal year 2023-24. The report, titled ‘The Bass Line: Charting the Economic Contribution of Australia’s Music Industry,’ conducted by McAtamney & Advisors, provides a comprehensive analysis of the industry’s economic footprint. Drawing data from a wide array of sources, including industry stakeholders and government entities, the report sheds light on the industry’s substantial contribution to the Australian economy.
One striking finding of the report is the strong international demand for Australian music, with music exports accounting for a substantial portion of the industry’s revenue. These exports, encompassing income from overseas streaming, performances, rights, and retail, contributed an estimated $975 million to the total revenue of the Australian music industry. This underscores the global appeal and marketability of Australian music on the international stage.
The report further delves into the economic contributions of various sub-sectors within the music industry, highlighting the diverse revenue streams that collectively drive the industry’s robust performance. Live music performances emerged as a major revenue driver, contributing over $4.8 billion in revenue and $1.44 billion in direct gross value added. Additionally, music recording, production, label services, and distribution, along with composition, songwriting, and music publishing, were significant contributors to the industry’s economic output.
Artist management and music retail sectors also played pivotal roles in the industry’s financial landscape, collectively generating substantial revenues and direct gross value added. Notably, Australian artists earned a total of $860 million from their music-related activities, with a significant portion of this income derived from live music performances. The report underscores the economic significance of the music industry in supporting artists and driving income generation.
Director of Music Australia, Millie Millgate, emphasized the importance of recognizing the economic value of music in addition to its social and cultural contributions. The report serves as a pioneering initiative in providing a detailed economic analysis of the music industry, offering valuable insights for industry stakeholders and policymakers. Millgate highlighted the report’s role as a foundational tool for understanding and quantifying the economic impact of music in Australia.
Music Australia expressed gratitude to government agencies, industry bodies, and data providers whose collaboration facilitated the comprehensive analysis presented in ‘The Bass Line’ report. The report’s findings were shared at an industry forum hosted by Music Australia, coinciding with the two-year anniversary of the legislation that established the organization within Creative Australia. The forum featured discussions on the report’s insights, including a panel session moderated by industry expert Chris Carey from the UK.
As the music industry continues to evolve and adapt to changing market dynamics, reports like ‘The Bass Line’ offer valuable insights into the industry’s economic landscape. By quantifying the industry’s contributions and revenue streams, such reports play a crucial role in informing industry strategies, fostering growth, and enhancing the overall sustainability of the music sector in Australia.
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