In spite of the sluggish world economy, which has harmed the music industry in many countries, Australia’s music industry is booming, according to a recent report.
Many feel this is due to Australia’s strong economy. The country’s strong dollar, along with weaker economic conditions in traditional northern hemisphere touring markets and Australia’s strong international touring activity, has resulted in a strong live music sector Down Under. It has also helped attract more international artists to Australia, such as AC/DC (traditionally one of the highest-earners in Australia), U2, Bon Jovi, Metallica, the Eagles, and even The Wiggles (another high earner – certainly people who should consider income protection insurance!).
In 2010, the live music business soared to a record-breaking $1.3 billion, up 22 percent from the previous year. Attendances at live concerts have increased by over 13 percent. Contemporary music concerts saw the biggest increase—a rise in revenue of over 43 percent, to over $650 million. Even music concerts less popular saw big increases; live musical theatre rose, which raked in over $240 million.
Promoters and concert hall owners have reported that the past summer period has been one of the busiest in the history of the live music industry in Australia, making the country one of the healthiest tourist markets in the world.
In addition, ARIA (the Australian Recording Industry) recently reported the Australian record industry’s first growth in record sales since 2003. After six years of decline, there was a 4.8 percent increase in revenue. Digital music sales rose by 46 percent in 2009, reaching over $79 million with many people buying music online with their debit cards. The CD album remains the highest-selling music product in Australia, but the highest increase in percentage was the digital album, at 72 percent. Even vinyl increased in sales, by a whopping 168 percent in 2009.
Aussie music, then, has become one of the most lucrative industries in the world, even when the music industry in other countries is faltering. Other music industries in other countries should take note of the Aussies’ example and learn from how they’ve been able to be successful in a difficult world economy.