Australia’s music industry, while experiencing growth for the sixth consecutive year, has fallen out of the top ten global music markets, as revealed by the latest report from the International Federation of the Phonographic Industry (IFPI).
The IFPI’s Global Music Report provides insights into the current state of the music industry, highlighting case studies of global artists like Chappell Roan and Tyler, The Creator, and exploring the impact of AI in music. This year’s report also ranks the top ten global music markets, with the USA, Japan, and the UK leading the list as usual.
Historically, Australia has had a strong presence in global music markets, reaching as high as number six in 2004 and maintaining a top-ten position from 2007 to 2015. However, in 2024, Australia dropped out of the top ten, making room for Mexico to enter for the first time since 2002.
Despite Australia’s exclusion from the top ten, the region’s recorded music revenues grew by 6.1% in 2024, totaling US$629 million. This growth trend was also reflected in New Zealand, where recorded music revenues increased by 7.8%. In contrast, Mexico experienced a remarkable 15.6% revenue growth, surpassing Australia in the rankings.
Brazil, the fastest-growing market in 2024, maintained its position ahead of Australia for the second consecutive year. The overall Global Market Overview paints a positive picture, with global music revenues rising for the tenth consecutive year, reaching US$29.6 billion in total.
While the industry is evolving and adapting worldwide, Australia’s continued growth in recorded music revenue raises questions about the need for increased investment in A&R and marketing to boost local artists and regain a spot in the top ten global music markets.
The IFPI Global Music Report provides a comprehensive overview of the industry’s performance and trends, offering valuable insights for stakeholders and music enthusiasts alike. As the music landscape continues to shift, Australia’s music industry faces the challenge of staying competitive on a global scale.
With a rich history of musical talent and creativity, Australia has the potential to reclaim its position among the top global music markets through strategic investments, innovative collaborations, and a strong focus on nurturing local talent.
As the music industry embraces digital transformation and new technologies, Australia’s music scene must adapt and innovate to remain relevant and competitive in the ever-evolving global market. By leveraging its unique cultural identity and diverse musical landscape, Australia can carve out a distinct place on the world stage.
While the current rankings may indicate a temporary setback for Australia’s music industry, the future holds opportunities for growth and success. By harnessing the power of creativity, collaboration, and strategic planning, Australia can once again rise through the ranks of the global music industry, making its mark on the world stage.
📰 Related Articles
- Global Baby Diapers Market Sees Sustainable Growth Amid Eco-Conscious Shift
- Skincare Dominates Beauty Market Growth Amid Global Wellness Trend
- Petrochemical Industry Shows Signs of Stability Amid Market Shifts
- Global Printers Market for Glass Products Sees Steady Growth
- Global Feminine Hygiene Market Set for Sustainable Growth Amid Rising Awareness