In a resounding demonstration to the nation’s vibrant cultural landscape, Australia’s music industry has generated an impressive $8.78 billion in revenue for the 2023-24 financial year. This substantial figure includes a direct Gross Value Added (GVA) contribution of $2.82 billion to the Australian economy, cementing the industry’s position as a significant economic driver. Music exports, encompassing income from overseas streaming, performances, rights, and retail, added approximately $975 million to the total revenue.
The live music performance sector emerged as the dominant revenue generator, contributing $4.83 billion and $1.44 billion in direct GVA. Meanwhile, the recorded music industry posted a healthy 6.1% growth in 2024, with wholesale sales rising to $717 million. APRA AMCOS achieved its highest group revenue to date at $787.9m AUD. Digital sales continued to outpace physical formats, growing at 6.5% compared to 2.1% for physical sales, with subscription services representing 71.0% of the total music market.
Live performances drive Australia’s music economy, while digital streaming dominates the recorded music landscape with 71% market share.
Despite the industry’s robust performance, Australian artists face mounting challenges in the global streaming era. The median music artist income stands at a mere $14,700, with a striking 82% of income earned by the top 25% of artists. This income disparity highlights the difficulties many local musicians encounter when competing in an increasingly saturated market. Many Australian artists are now pursuing sync deals to supplement their streaming income, finding lucrative opportunities through licensing their music for film, television, and video games.
APRA AMCOS reported a 7.8% increase in net distributable revenue to $683.4 million in 2025, signaling strong royalty income streams for rights holders. However, the algorithms that power streaming platforms often favor established international artists, making it increasingly difficult for homegrown talent to gain visibility and traction. Independent artists are increasingly turning to comprehensive distribution services that help them submit music across multiple platforms simultaneously while maximizing their potential reach.
The music retail sector contributed $2.73 billion in revenue and $515 million in direct GVA, while composition, songwriting, and music publishing added $470 million in revenue. The Australian Music Association has provided comprehensive data analysis for understanding retail’s position as the second-largest subsector after live music.
Vinyl albums continued their resurgence as the dominant physical format, growing 5.6% in revenue. As the industry celebrates its overall financial success, the struggle for emerging Australian artists to break through the noise of global streaming platforms remains a significant concern requiring targeted support initiatives and strategic interventions.
