Record high group revenue: Group revenue tops $740m, up 7.2% from last financial year, with members being paid more quickly through investment in technology and innovation
AU/NZ writers taking the world by storm: International revenue at all-time high, reaching a record $86.1m, up 22.5% from last financial year
New members’ music reflects diversity of Australasia: Top UGC and streaming data from new members showcases mix of backgrounds, ethnicities and musical genres
Live local music crisis continues: Live music revenue and venues still below pre-Covid levels, staggering $600m in estimated lost income for artists since FY19
APRA AMCOS has unveiled its annual Year In Review report, revealing its highest group revenue to date of $740 million, up 7.2% from the previous financial year (FY).
Public performance has grown by 43.3% since 2019, driven by OneMusic licensing, with increases across the board including retail, hospitality, fitness and background music. Major concerts and festivals have grown 8.4% from last year to $37.4 million, with major international tours like Taylor Swift and P!nk drawing sizable audiences.
Digital remains the largest revenue category at almost 50%, with Video on Demand growing an additional 9.4% since last financial year. In five years, digital (including Multi Territory Licensing) across Australasia and Asia has grown 111%, more than doubling since FY19.
Overseas, Aotearoa New Zealand and Australian songwriters and composers have been taking the world by storm, with international revenue at an all-time high of $86.1 million, up 22.5% from FY23 and a huge 74% since FY19. Again, digital remains a high source of revenue at 47%.
In addition to revenue growth, APRA AMCOS songwriter members have been gracing some of the world’s biggest stages, from Coachella to Glastonbury; been in the running for Grammys; and co-written some of this year’s biggest hits in the growing genres of electronic and country. Pop continues to be an industry powerhouse, with Tones and I becoming the first woman to reach three billion streams on Spotify for “Dance Monkey”.
In terms of new members, their music reflects the diversity of Australasians today. APRA AMCOS’s top User Generated Content (UGC) and streaming data from new members showcases a rich mix of backgrounds, ethnicities and musical genres from hip hop to reggae and classical music.
Despite this, APRA AMCOS aggregated data continues to show a year-on-year decline in the percentage of local content consumed across streaming services as a whole. This highlights the continued need for local content obligations for local music to be seen and heard across all platforms.
With regards to gender diversity, the historic underrepresentation of women in the industry continues to be a critical issue that will take a concerted, cross-industry effort to address. However, more women are taking part in APRA AMCOS’s creative programs and initiatives, with overall 66% female participation.
Notwithstanding the positive uplift in this year’s report, the local live music scene remains under serious threat.
Figures are slightly improving, with a 19% increase in licensed live music venues from the last financial year with new types of live music venues entering the scene, including small bars and breweries. However, numbers are still not back to pre-Covid levels and average licence fees are down 25%, leading to less performance opportunities and artists getting paid less.
Local performance royalties are also down 12.7% on FY19’s all-time high, again highlighting the need for more government support in the form of live music venue tax offsets to support independent and grassroots acts nationally.
APRA AMCOS estimates that artists have now lost out on a staggering $600m in live earnings since before the start of the pandemic (FY19).
Dean Ormston, CEO of APRA AMCOS, says: “This year, we’ve delivered strong revenue growth, investment in technology and the services that matter most to our members, together with our clear focus on advocacy. Our commitment to faster payments, streamlined work registrations and better earnings insights is putting more money into members’ hands, quicker.
“Programs like SongHubs are opening new doors for songwriters and composers, both at home and internationally. These initiatives, combined with our ongoing advocacy to government, are ensuring that members have the best possible opportunity to build sustainable careers and thrive on the global stage.
“We’re excited to see the growing diversity of our new membership and the incredible range of music they’re creating. Our streaming and UGC data offer valuable insight into what audiences are engaging with and the breadth of music they’re discovering. We’re more confident than ever about the export opportunity of New Zealand and Australian music and the results speak for themselves - our members are making an impact worldwide and we’re thrilled to be supporting their journey.
“We cannot, however, overlook the ongoing challenges facing the local live music sector at home. We’re deeply concerned that an entire generation may miss out on seeing new and emerging acts perform live, and that those acts may lose the chance to launch their careers if the decline in live music continues."
Read the full report at APRA AMCOS NZ