The “surging popularity” of music streaming services such as Apple Music, Spotify and YouTube has lifted recorded music sales higher in Australia for the first time since 2012, according to Australian Industry Recording Association's annual wholesale revenue figures. The stats, seen first by Fairfax Media show a 5% jump in total revenues to $334 million, driven by a more-than-doubling in streaming revenues to $71.1 million.
Some analysts think this means end of a decade-long downward trend for the industry. The traditional media sector was hit first and hardest by the digital revolution, but could be the first to re-emerge with steady growth, though at lower levels.
"The optimistic view of that note is entirely consistent with the results we are seeing here in Australia where the growth was driven by the take of digital streaming services," ARIA chief executive Dan Rosen told Fairfax Media.