Streaming revenue doubled in Australia in 2014
The Australian music industry saw an increase in streaming subscription services in 2014 – but the territory’s year-end figures show an overall decline in sales. The overall digital market was down 2.36%, making AUS $187.7 million, as digital sales slumped, while physical sales were down 18%. This resulted in an overall decrease of 9.62% in annual recorded music revenue, compared to last year’s 11.6% decrease.
Figures released by ARIA show that streaming revenue in Australia doubled in 2014, up 111% from 2013. Digital subscriptions and ad-supported models now make up more than 10% of the total market value, generating an income of $23m.
In physical sales, vinyl album unit sales also more than doubled, increasing by 127% (although not quite matching the likes of HMV in the UK, where vinyl sales were up 170%).
Australian artists contributed 18 tracks to the ARIA Top 10 Singles Chart, five more than the previous year and seven more than in 2012. On the album front, 36 local releases have charted in the Top 10, nine more than the previous two years.
Dan Rosen, ARIA chief executive officer, said: “The remarkable success of Australian artists in 2014 is exciting news for the future as the music from our home- grown talent is enjoyed by music fans here and around the world.
“As the industry continues to transform itself, we remain committed to embrace our digital future. Our goal as an industry is to make it easier for music fans to support the artists they love by developing innovative new ways to sell music. The continued growth in the subscription market shows that he local music industry is leading the way in streaming digital content. It is an exciting time, as the consumption of music grows through an ever-expanding range of options – whether through subscription services, digital downloads or visiting the local record store to buy vinyl.”
Source: Music Week
