Music Australia’s Report Reveals Financial Realities for Aussie Artists

Mixdown Magazine has recently reported on various developments within the Australian music industry, shedding light on the financial landscape for Aussie artists, honours bestowed upon guitarists, tour speculations, and recent artist signings.

According to Music Australia’s groundbreaking report, Australian artists collectively earned a significant $860 million in the 2023-24 financial year. However, the median annual income for artists stands at a mere $14,700, with the top 25% of artists raking in a disproportionate 82% of the total artist income. The report also delves into the various revenue streams for artists, with gigs and royalties accounting for over 70% of their earnings.

The live music performance sector emerges as the most lucrative segment, generating $4.83 billion in revenue. Music retail follows closely behind, contributing $2.73 billion. Additionally, the music recording, production, and distribution sector, along with artist management and music export, play crucial roles in bolstering the industry’s financial health.

In a bid to promote local music consumption, the idea of a 100% Australian streaming service is being explored. Despite the challenges posed by limited exposure for Aussie artists in mainstream playlists, there is a strong sentiment among audiences to support and hear more local music. Director of Music Australia, Millie Millgate, emphasizes the importance of actively seeking out and championing local artists for a sustainable music industry.

The article also highlights recent signings in the music industry, including Ivana with German label Place Called Home, Psycroptic with Metal Blade Records, Radical Son with Perfect Pitch Publishing, BIORDI with ONErpm, and The Cat Empire’s partnership with Tixel for their upcoming world tour. These signings signify a diverse range of talent and genres making waves in the industry.

Amidst the artist signings, the article pays tribute to Australian guitarists Kenny Kitching and Guy Ghouse, who were honored in the King’s Birthday List for their contributions to music. Their accolades underscore the rich musical heritage and talent within the Australian music scene.

Furthermore, the narrative delves into the broader global music market forecast, highlighting fluctuations in recorded music and live music revenues. Insights from Goldman Sachs’ Music In The Air report project a promising future for the industry, with a projected global market value of $196.8 billion by 2035.

The article concludes with poignant tributes to several music industry figures who recently passed away, underscoring the profound impact of their contributions to the music world. These commemorations serve as a reminder of the enduring legacy left by these individuals in shaping the musical landscape.