A recent report by Music Australia, The Bass Line, unveiled the economic impact of Australia’s music industry, showcasing significant revenue figures. From 2023 to 2024, the industry generated a substantial $8.78 billion in revenue, emphasizing its crucial role in the country’s economy.
Live music emerged as a powerhouse within the industry, raking in $4.83 billion in revenue during the period. Despite recent festival closures, an estimated 12 million people attended music events, marking the highest attendance in 15 years. Ticket sales, venue earnings, and various support roles contributed significantly to this revenue stream, highlighting the vast network of workers involved behind the scenes of every show.
Australian artists earned approximately $425 million from live performances, with the top 25% of artists securing the lion’s share of earnings. This distribution disparity underscores the challenges faced by many artists striving to establish sustainable careers, with the median income for artists standing at a modest $14,700.
While overall industry revenue appears robust, income concentration among top artists remains a prevalent issue. The report reveals that 82% of earnings went to the top 25% of income earners, leaving the majority of musicians vying for a smaller portion of the earnings. This imbalance raises critical questions about equitable access, support systems, and the long-term viability of the creative workforce.
Recorded music, including production, distribution, and label services, generated $790 million in revenue, driven by digital consumption. Notably, a significant portion of this revenue, particularly from Australian-recorded music, originated from international markets, highlighting the global appeal of Australian artists. However, major labels continue to dominate the revenue share compared to independent entities.
Artist managers, essential yet often overlooked figures in the industry, brought in $195 million in revenue, with a substantial portion linked to live performances. Operating mostly as sole traders, these managers face increasing challenges, including rising costs and evolving industry demands, from digital strategies to tour logistics.
The industry’s growth and revenue figures provide a positive outlook, but the report underscores the pressures faced by those working behind the scenes. As the industry evolves, the need for sustainable support structures for artists, equitable income distribution, and recognition of all contributors becomes increasingly vital to ensure the industry’s continued success and growth.
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