A recent report released by Music Australia sheds light on the economic landscape of Australia’s music industry, revealing a thriving sector that generated a staggering $8.78 billion in revenue and contributed $2.82 billion to the country’s economy in 2023-24. This comprehensive study, titled “The Bass Line: Charting the Economic Contribution of Australia’s Music Industry,” conducted by McAtamney & Advisors, marks a significant milestone in understanding the industry’s financial impact.
The report, a culmination of extensive data collection from various stakeholders within the music industry, highlights the global appeal of Australian music, with exports accounting for a substantial portion of the industry’s revenue. International demand for Australian music, spanning streaming, performances, rights, and retail, contributed an estimated $975 million to the industry’s revenue stream.
An in-depth analysis of the sub-sectors within the music industry reveals the diverse economic contributions across different segments. Live music performances emerged as a major revenue driver, raking in $4.83 billion, followed by music recording, production, label services, and distribution at $790 million. Additionally, composition, songwriting, and music publishing, artist management, and music retail all played significant roles in bolstering the industry’s financial health.
Australian artists collectively earned $860 million from their musical endeavors, with live music accounting for nearly half of their income. Despite this, the median income for music artists stood at $14,700, underscoring the financial challenges faced by many in the industry. Notably, a large portion of the income – around 82% – was concentrated among the top 25% of earners.
Millie Millgate, Director of Music Australia, emphasized the report’s significance in quantifying the economic value of music, complementing the well-documented social and cultural benefits. The Bass Line report is set to become an annual publication, offering valuable insights for stakeholders across the music industry and serving as a benchmark for measuring the industry’s impact and value.
Music Australia expressed gratitude to various government agencies, peak bodies, and industry organizations for their contributions to the report, which helped illuminate the industry’s value chain and enhance data collection efforts. The report’s findings were discussed at an industry forum coinciding with the two-year anniversary of the legislation that established Music Australia within Creative Australia.
As the industry continues to evolve, the insights provided by The Bass Line report serve as a crucial reference point for industry players and policymakers. The report not only underscores the economic significance of the music sector but also paves the way for informed decision-making and strategic planning to ensure its sustained growth and prosperity.
For those interested in delving deeper into the report’s findings, it is available for review on the Music Australia website. The industry forum, featuring a panel discussion moderated by industry expert Chris Carey, promises to provide further insights into the report’s implications and the future trajectory of Australia’s music industry.
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