Record $740m revenue amidst live music crisis: apra amcos's resilient

Record-breaking revenue for APRA AMCOS, driven by growth in digital music and live events.

This represents a 15% increase from the previous year’s revenue of $640 million.

APRA AMCOS Year In Review 2023/2024: A Year of Record-Breaking Revenue

The Australian music industry body APRA AMCOS has released its Year In Review 2023/2024 report, providing a comprehensive overview of the organization’s financial performance and key industry trends.

Local talent and streaming services drive music industry growth in Australia and New Zealand.

The Australian and Aotearoa New Zealand music industry has seen a significant surge in revenue, driven by the success of local artists and the growth of streaming services.

The Rise of Local Artists

The success of local artists has been a major factor in the growth of the Australian and Aotearoa New Zealand music industry. Artists such as Sia, Troye Sivan, and Courtney Barnett have achieved international recognition and critical acclaim, bringing in significant revenue for the industry.

The Perfect Storm of Challenges

The Australian live music scene is facing a perfect storm of challenges that are impacting the live music industry as a whole.

The report also found that 75% of artists are now using digital tools to create and distribute their music, and 60% are using social media to promote their work.

The Impact of the Pandemic on the Music Industry

The COVID-19 pandemic has had a profound impact on the music industry, with far-reaching consequences for artists, labels, and fans alike. One of the most significant effects has been the loss of live earnings for artists, with APRA AMCOS predicting that they have lost out on $600m in live earnings since the start of the pandemic.

The Financial Impact

$600m in lost live earnings since the start of the pandemic

75% of artists now using digital tools to create and distribute their music

60% of artists using social media to promote their work

The financial impact of the pandemic on the music industry has been severe. The loss of live earnings has been particularly devastating for artists who rely on touring and live performances to make a living. The pandemic has forced many artists to cancel or postpone tours, resulting in significant losses.

The Rise of Digital Tools and Social Media

75% of artists now using digital tools to create and distribute their music

60% of artists using social media to promote their work

Increased accessibility and reach for artists

The pandemic has accelerated the adoption of digital tools and social media by artists. Many artists have turned to digital platforms to create and distribute their music, and to promote their work to a wider audience.

The group, which includes the music industry’s biggest players, is urging the government to provide a live music tax offset to help the industry recover from the COVID-19 pandemic.

The Music Industry’s Plea for a Live Music Tax Offset

The music industry has been hit hard by the COVID-19 pandemic, with many venues, festivals, and events forced to cancel or postpone their operations. The group, which includes major players such as Live Nation, AEG, and the Australian Recording Industry Association (ARIA), is now renewing its call for a live music tax offset to help the industry recover.

The Impact of the Pandemic on the Music Industry

The pandemic has had a devastating impact on the music industry, with many businesses forced to close their doors or significantly reduce their operations. The loss of revenue has been staggering, with some estimates suggesting that the industry has lost over $10 billion in revenue since the pandemic began. The pandemic has also had a significant impact on the mental health of musicians and industry professionals, with many struggling to cope with the loss of income and the uncertainty of the future.