Streaming services have become the top dogs of music.
The Australian Recording Industry Association has released wholesale figures which found 2018 was a massively successful year for Aussie music in terms of income. This is the fourth year in a row there has been music business growth in Australia.
Overall, the Australian music industry generated a whopping $526 million in revenue. This was a growth of 12.26 per cent compared to the previous year.
Revenue from music streaming services like Spotify and Apple Music increased once again last year. Its slice of the proverbial pie grew by two fifths to become 71.4 per cent of the overall market in 2018. Sales from vinyl albums are up for the eighth year in a row, growing by 15.2 per cent in 2018. Income from shipping physical products such as vinyl accounted for 15 per cent of the total market.
On the flip side, sales from digital downloads and CD albums dropped for another consecutive year.