Can Australian Music Survive in the Age of Spotify?
A new report released by Music Australia maps the huge contribution that music makes to our economy.
Australian music industry generated revenues of $8.78 billion and contributed $2.82 billion in direct gross value added, or GVA, to the Australian economy in 2023-24.
The Bass Line, undertaken by McAtamney & Advisors, provides the first comprehensive measure of the economic contribution of Australia’s music industry.
It shows strong international demand for Australian music with music exports, including income from overseas streaming, performances, rights and retail, contributing an estimated $975 million to the total Australian music industry revenue.
The report maps the contribution across live music, Music Recording, Production, Label Services and Distribution, Composition, Songwriting and Music Publishing, Artist Management, Synchronisation, Music Retail, Music Education as well as Industry and Sector Development.
In regards to Live Music Performance:
• In 2023, an estimated 12 million people attended contemporary live music events and festivals in Australia – the highest attendance figures in 15 years.
• Live music performance contributed an estimated $4.83 billion in revenue for the Australian music industry in 2023–24.
• Ticket sales were an estimated $2.25 billion for all acts, including Australian and international artists. This included contemporary music concerts, pub, club, and nightclub gigs, music festivals, classical music performances, and opera.
• Venues earned an estimated $1.8 billion in revenue, of which $1.31 billion was earned from food and beverage sales at live music events and the remaining $490 million from venues fees and commissions on artist merchandise sales at live events.
• Booking agents, artist managers, and crew and technical services collectively earned an estimated $310 million in revenue.
• Australian artists earned an estimated $425 million in net income from live music (ie., after booking agent and artist management fees).
• The direct economic contribution of live music performance was an estimated $1.44 billion (or 30% of revenues) in 2023–24.
