The wholesale value of the Australian recorded music market is on course to top its growth in 2017 with revenues up over 6% across the first half of this year.
From January to June, the recording sector earned revenues of AUS $195.6m (US $140m) — a rise of over AUS $11m year-on-year, according to figures from the Australian Recording Industry Association (ARIA).
The increase is largely down to growth in revenue from streaming subscription tiers, which rose 35% to AUS $104.9m.
In 2017, the Australian recorded music industry recorded its best growth for 20 years, rising 10% to hit revenues of AUS $391m.
Should the current rate of growth in 2018 continue until the end of the year, 2017’s figure will be topped.
In 2016, the market was up 5.5% after generating AUS $352.2m (US $269.7m).
In H1 2018, video streaming was also up 41% to AUS $14.6m, while ad-supported streaming tiers brought in AUS $12.6m — a rise of 32% on 2017.
Across subscription, ad-supported and video, streaming makes up 67.6% of revenues.
Track downloads were down by 32% to AUS $14.5m while digital albums dropped 36% to AUS $13.4m.
Behind subscription services, physical CD sales count the highest share of revenue at AUS $22.9m, which is down 30% on 2017.
Vinyl album sales rose 23% to AUS $9m. Overall, the market is 17% physical and 83% digital.
Some of the best-selling albums in Australia this year have included releases from Vance Joy (pictured), The Greatest Showman, Ed Sheeran and Drake.Music Business Worldwide