Live Music Industry Worth $15.7B To Aus In 2014

The 2014 Live Music Report has finally been delivered, and its findings show that that live music industry is worth $15.7 billion a year to Australia.

The report was released through Live Music Office with national research undertaken in partnership with universities across the country to determine the economic and cultural value of the industry and illustrate its importance in the country.

The research included interviews with live music venue owners in Sydney, Melbourne, Adelaide and Hobart and an online survey of live music consumers undertaken by 1,488 people.

Other key findings in the report included:

• Live music accounted for 65,000 jobs in 2014

• The industry is a source of regional advantage

• Live music boosts food and alcohol sales

• Live music has the impact to boost tourism

The report values our music industry ahead of international markets such as the US and Canada (valued at $4.8 billion in 2008), the UK (valued at $2.7 billion in 2009) and New Zealand (valued at $0.89 billion in 2013).

The estimated figure is larger than previously thought, as this is the first research of this calibre undertaken in the country since 2011, and Live Music Office have implemented a more detailed model for this report.

The $15.7 billion can be broken down into $2.1 billion of commercial takings, $3.2 billion going to civic benefits and $10.4 billion worth of individual benefits.

The economic benefits go further than that, though, creating an estimated 65,000 part-time and full-time jobs through spending and taxation revenue.

While food, drink and ticketing represented less than half of actual spending on live music, the report showed all those aspects played an important roll in the overall appeal of events to punters.

The research also took into account attendances around the country, which tallied close to 50m and revealed interesting state-based figures.

NSW led with 16,197,674 attendances, followed by VIC at 12,617,467, and festival numbers around the country were down, only making up 2% of national figures.

WA’s festival scene was healthier than that of QLD, despite the sunshine state hosting some of the year’s hottest events, and NSW once again led the charge with festival attendances sitting at 433,553.

The report found that live music was also a source of regional competition, with half of survey respondents travelling to different regions and states to attend live music, and a fifth of respondents reporting they travelled overseas.

The evidence cited cities such as Austin, Manchester and New Orleans that are known for promoting their live music events on a global scale, have renowned music scenes and benefit from those factors.

The full report from Live Music Office can be accessed here.