Online streaming drives increase in music industry
THE Australian music industry's revenue has gone up for the first time in three years, driven by a doubling in music streaming services, while music downloads continued their decline.
New figures from the Australian Recording Industry Association (ARIA) show a 5 per cent increase in the value of Australian recorded music in 2015, the first upwards trend the industry's had in its wholesale figures since 2012.
The turnaround has been driven by a continued uptake in digital streaming, which now accounts for 62 per cent of the overall market.
While the value of subscription-based digital streaming services, including services like Spotify and Apple Music, doubled from $23 million to $46 million, digital downloads and CD sales continued their decline.
Digital downloads went down by almost 13 per cent, while CD sales fell 4 per cent, notably less than the 18 per cent decline in 2013.
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