2015 saw the biggest increase in Australian music industry revenue according to ARIA. This revenue increase has been driven by an increase in the number of online audio streaming services.
ARIA announced a 5% increase of Australian recorded music since 2012 which amounts to an increased value to $333.8 million. During the same period, music download load sites (such as iTunes) showed decline.
These subscription based services, (Spotify, Pandora, Tidal, Apple Music, etc.) now accounts for 62% of the music streaming market which has doubled from $23 million to $46 million in the same period, whilst streaming revenue increased significantly from $31.9 million to 71.1 million (source ABC news & ARIA).
The situation is also true globally; the IFPI (The International Federation of the Phonographic Industry) stated on 13th April 2016 that global revenues in 2015 overtook physical for the first time by 3.2%.Read More›