Music subscription services now account for 71 percent of the total Australian music market after jumping another two percentage points in 2024.
Figures released by the Australian Recording Industry Association (ARIA) show streaming service revenue has grown nearly nine percent since 2023 to be worth $509 million annually.
Vinyl records are continuing their comeback, now representing 72.8 percent of physical sales in dollar value and 45.7 percent of physical sale volume.
The digital market is now worth $656 million, or 91.5 percent of the total market.
ARIA Chief Executive Officer Annabelle Herd said the industry achieved a sixth consecutive year of growth despite unstable market conditions.
“While digital dominates, the sustained demand for physical formats like vinyl shows that fans want to engage with music in multiple ways,” she said.
“At the same time, breaking new Australian music has never been more competitive, something everyone in the industry knows firsthand.
“Every new track is launching into an increasingly crowded landscape, with local and international artists vying for attention in media and on all discovery and listening platforms.”
Ms Herd said the challenge in Australia was to make more of our artists and their recordings stand out on a local and global stage.
This required them to try new things and be bold.
