Australian musicians are breaking records and raking in the cash, with international performance royalties on the rise.
The Rise of International Performance Royalties
The Australian music industry has experienced a significant increase in international performance royalties in the last financial year. According to the Australian Recording Industry Association (ARIA), Australian musicians earned a record $86.1 million in performance royalties abroad. This represents a substantial growth from the previous year, with a 25% increase in earnings. Key statistics: + $86.1 million in performance royalties earned abroad + 25% increase in earnings compared to the previous year + Record-breaking performance for Australian musicians The growth in international performance royalties can be attributed to several factors. Firstly, the increasing popularity of Australian music globally has led to more opportunities for artists to perform and earn royalties abroad. This is evident in the growing number of Australian artists touring internationally and the rise of streaming platforms that allow artists to reach a global audience. Factors contributing to the growth: + Increasing popularity of Australian music globally + More opportunities for artists to perform and earn royalties abroad + Rise of streaming platforms Moreover, the COVID-19 pandemic has had a significant impact on the music industry, with many artists and venues forced to cancel tours and performances. However, the industry has shown resilience, with many artists adapting to the new normal and finding ways to continue earning income. Impact of the pandemic: + Many artists and venues forced to cancel tours and performances + Industry shows resilience and adaptability + Artists find ways to continue earning income
The State of the Domestic Industry
Despite the growth in international performance royalties, the domestic music industry in Australia has not fully recovered post-pandemic.
Licensed Venues Boom in Australia as Licensing Laws and Tech Advancements Simplify the Process
This growth is attributed to the changes in the licensing laws and the introduction of new technologies.
The Rise of Licensed Venues in Australia
The Australian music industry has seen a significant increase in licensed venues over the past two years, with APRA AMCOS reporting a 30.7% growth in new licensed venues between 2023 and 2024.
The Impact of Licensing Laws
The changes in licensing laws have played a crucial role in the growth of licensed venues in Australia. Prior to 2023, the licensing laws were restrictive, making it difficult for new venues to open. However, with the introduction of new laws, the process of obtaining a license has become more streamlined and accessible. The new laws have reduced the number of requirements for obtaining a license, making it easier for new venues to apply. The laws have also introduced a more flexible approach to licensing, allowing venues to operate at different times and with different types of events.