Australians spent a record $700m on music in 2024 | Australian Markets

Australia’s music industry has posted growth for the sixth-straight 12 months in 2024 as shoppers spend record quantities regardless of greater cost-of-living pressures.

Australians spent $717 million on music final 12 months, 6.1 per cent greater than in 2023, based on contemporary figures from the Australian Recording Industry Association on Thursday.

Total gross sales for digital platforms grew 6.5 per cent, outpacing bodily codecs at 2.1 per cent.

ARIA stated paid subscription companies, like Spotify Premium and Apple Music, continued to be the dominant power as income grew 8.9 per cent to $509m.

But ad-supported streaming fashions, together with YouTube Music, slowed dramatically from a 15.3 per cent bounce in income in 2023 to simply 1.9 per cent growth in 2024.

The shock resurrection of vinyl continued to be the star of the show for bodily gross sales, growing 5.6 per cent in income regardless of a slight decline in the amount bought.

ARIA chief government Annabelle Herd stated the sixth consecutive 12 months of growth spoke volumes in regards to the “enduring connection Australians have with music”.

“While digital dominates, the sustained demand for physical formats like vinyl shows that fans want to engage with music in multiple ways,” she stated.

“This isn’t just a resilient music listening market, it’s a thriving one, and that’s something to be proud of.”

But Ms Herd stated breaking new Australian music had by no means been more aggressive, with native and worldwide artists vying for consideration in the media and on all listening platforms.

Sales for compact disc declined 5.6 per cent, whereas music videos and DVDs crashed almost 20 per cent.

American singer Benson Boone topped ARIA’s high 100 singles chart for 2024 together with his music Beautiful Things. He was carefully adopted by Sabrina Carpenter’s Espresso and Noah Kahan’s Stick Season.