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Media & Entertainment #​ChartToppersMAR 31, 2017 @ 07:23 PM44
Australia Shows Huge Growth In Music Revenue

Shawn Setaro , CONTRIBUTOR
I write about the music industry.

LOS ANGELES, CA – FEBRUARY 12: Musician Flume, winner of Best Dance/Electronic Album for ‘Skin,’ poses in the press room during The 59th GRAMMY Awards at STAPLES Center on February 12, 2017 in Los Angeles, California. (Photo by Frederick M. Brown/Getty Images)

In no small part because of the international success of home-grown talent like Flume, Sia, and Keith Urban, Australia’s music industry is growing at a stunning pace.

Billboard is reporting that the country’s market for recorded music grew 5.5% in 2016, to a total of A$352.2 million ($269 million).

The vast majority of that money—around 70%—came from digital services. About half of that (38.5% of the overall total) was streaming, up over 90% from the previous year.

The fast growth of streaming should come as no surprise, as streaming revenues have been making huge leaps globally over the past several years—the overall number grew 45% in 2015, for example.

Australia’s music industry is “delighted to achieve continuing growth in 2016 building on the positive results from the previous year. This is a reflection of the industry’s innovative marketing and high level of artist development, as well as the further consumer take up of quality digital retail services,” said ARIA chairman Denis Handlin in a statement. “[It is] absolutely critical that Australia retains a strong copyright framework to ensure that artists and labels can continue to invest, innovate and protect their work and earn their fair share in the growing digital market.”

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