APRA AMCOS Announces Record $740m Revenue Amidst Continuing Live Local Music Crisis

Australian music industry body APRA AMCOS has today shared its Year In Review 2023/2024 report, with its findings telling a tale of international successes and local threats.

The biggest takeaway from the report is the news of its highest group revenue to date, with the figure of $740 million, being a 7.2% increase from the previous financial year’s report.

Other increases have included a 43.3% growth in public performance since 2019, with the major driver being OneMusic licensing and its increases in retail, hospitality, fitness, and background music.

So too have major concerts and festivals grown 8.4% in the last year to a total of $37.4 million thanks to major international tours from artists such as Taylor Swift.

The international impact of Australian and Aotearoa New Zealand songwriters and composers has also been felt, with international revnue reaching an all-time high of $86.1 million, which is a 22.5% increase from the previous financial year, and a 74% gain since the 2019 financial year.

This is largely thanks to countless APRA AMCOS songwriter members gracing stages from Coachella to Glastonbury, and names such as Dom Dolla, Troye Sivan, and Kylie Minogue having been recognised with Grammy nominations as well.

Some of these international highlights also include Tones And I becoming the first woman to reach three billion Spotify streams thanks to Dance Monkey, and Bluey (featuring compositions by Joff Bush) racking up 43.9 billion minutes in views and becoming the most-watched show in the USA this year.

Elsewhere, APRA AMCOS also noted how their new members are reflecting the true diversity of Australians today, noting an increase in female participation across is programs and initiatives, and the continuing representation of different background, ethnicities, and musical genres across its User Generated Content (UGC) and streaming data.

However, APRA AMCOS also points out the negative side of their findings, which is that the Australian live music scene is under threat.

Though they conede that figures have improved slightly thanks to a 19% increase in licensed live music venues over the last financial year, numbers are yet to return to pre-Covid levels. As such, average licence fees are down a quarter, while local performance earnings are down 12.7% on their all-time high in 2019.

The most damning finding is APRA AMCOS' prediction that artists have lost out on $600m in live earnings since before the start of the pandemic.

APRA AMCOS CEO Dean Ormston highlighted the positives of the report, and namechecked positive programs such as SongMakers, SongHubs, and a partnership with Sounds Australia as high points, though called on the national goverment to take action to ensure the future of live music in Australia.

“We cannot, however, overlook the ongoing challenges facing the local live music sector at home,” Ormston said. “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.

“That’s why we’re renewing our call on the Australian Government to urgently implement a live music tax offset – a national catalyst to support existing and new live music venues. This will ensure we havestages for artists to play on and venues for audiences to see and hear their favourite artists and rising superstars.”

The full report and findings are available to read via the APRA AMCOS website.