Annual report into the economic contribution of Aotearoa music released

Recorded Music NZ has published the report on the Economic Contribution of the Music Industry in 2023. The report was commissioned by Recorded Music NZ with the support of APRA AMCOS and the NZ Music Commission and conducted by PwC.

In 2023 the Aotearoa music industry directly contributed $451 million to GDP, and $901 million after accounting for multiplier effects. It directly employed around 2,750 people in full-time equivalent jobs (FTEs), and supported around 5,600 FTEs in total (once indirect and induced jobs are included).

New Zealand generated music accounted for around 30% of the economic contribution of the NZ music industry.

The industry’s total GDP contribution increased from 2022 in which the industry directly contributed $350 million to GDP.

The increase was mainly driven by substantial growth in live performance revenues. The industry generated total live performance revenues in 2023 of $329 million, 150% of the 2022 live revenues and 170% of 2019, with the majority of the growth in stadium and arena size shows.

Other notable trends include –

• The retail sub-sector continued its trend of year-on-year growth – largely driven by continued growth in streaming, while 2023 also saw relatively significant growth in physical music sales, driven by vinyl
• Overseas earnings in 2023 were estimated at $36 million, based on a 3 year trailing average