Australian Recorded Music Industry Posts Double-Digit Gains in 2023

Photo Credit: Johnny Bhalla

The Australian recorded music industry posts double-digit gains for the fifth consecutive year in 2023, with wholesale levels rising to their zenith since the addition of digital sales in 2005.The Australian Recording Industry Association (ARIA) released new data for 2023, showing industry growth spearheaded by digital sales including streaming, and the vinyl album resurgence. For the fifth consecutive year, the Australian recorded music industry has posted growth, with wholesale sales rising 10.9% to $676 million AUD ($404 million USD) — their highest level since 2005 when digital sales were first included.

Subscription services saw another increase in their share of music sales, up 13.9% to $467.6 million AUD ($304.8 million USD), to a whopping 69% of the industry, as sales of downloads dropped 14.7% to $16.4 million AUD ($10.69 million USD). Ad supported streaming tiers saw a 15.3% jump in revenue, to $68.3 million AUD ($44.5 million USD). Total digital sales represented 91% of all music sales, up 12% to $616.1 million AUD ($401.6 million USD).

Vinyl album sales saw continued growth, up 14.1% to $42.1 million AUD ($27.4 MUSD), representing 70% of total physical sales in 2023 by dollar value, and 42% of physical sales by volume. The combined revenue of all physical media was up 2.9%, thanks to continued interest in vinyl; compact discs, DVDs, and music videos saw continued decline across both revenue and volume sales.“The data paints a clear picture: music is a big business in Australia,” said Annabelle Herd, ARIA Chief Executive Officer. “Five years of growth for any media business is exceptional in this market, but we need to be careful to draw the distinction between growth of Australians consuming music overall, and the growth of Australians consuming new and local music. While we should be excited that music continues to be a great business, we are focused on ensuring more of that pie comes back to Australian artists.”

“We are fortunate that compared to other major global markets, our growth rates paint a favorable picture for the future of music in Australia,” Herd concludes. “Music is valuable, it is popular, and it is growing. We look forward to working with the industry and government to ensure that message is heard, and that value is increasingly used to support our incredible local talent.”