The past couple of months have been devastating for the Australian music industry, but prior to the COVID-19 crisis it was taking in record revenue.
ARIA has today revealed its 2019 wholesale figures, showing an increase of 5.5% growth for the Australian recorded music industry last year compared to 2018, which marks five straight years of growth.
In 2019, there was over $555 million in revenue taking in, with streaming accounting for over 80% of the Australian music market, up 18% from 2018, with both subscription services such as Apple Music, Spotify and YouTube Music, and other non-subscription on-demand streaming services making up those figures.
As streaming continues to rise, ARIA reported a decline of 34% in revenue from digital downloads and a drop of 21% in physical sales, although vinyl saw 2.5% growth, now making up 38% of physical album revenue in Australia.
The latest revenue figures from ARIA are the best since 2004 and the last time the industry saw five consecutive years of growth was from 1995 to 1999.
“2019 was a strong year for the Australian recording industry as we saw the fifth consecutive year of growth,” ARIA CEO Dan Rosen said.
“2020 will be a year like no other due to the impact of COVID-19, but Australian artists and the music industry have faced numerous challenges over the years and have consistently adapted and innovated.
“With the continued support of Australian music fans, the music community and government, we will get through this together.”
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