'The Bass Line': New Report Outlines Economic Contribution Of Australian Music Industry

A new report has detailed just how much economic value the music industry contributes to Australia.

The report – fittingly titled The Bass Line: Charting The Economic Contribution Of Australia’s Music Industry – comes from Creative Australia and "establishes the first nationally consistent methodology and analysis of the direct economic contribution of Australia’s music industry."

Most importantly, however, it outlines how in the 2023-24 financial year, the Australian music industry generated revenues of $8.78 billion and contributed $2.82 billion in direct gross value added (GVA) to the Australian economy in that same year.

Diving into the weeds of the report, it points out that the live music performance sector was the most valuable, contributing a total of $4.83 billion in revenue and $1.44 billion in direct GVA. Music retail was the next-biggest contributor, with $2.73 billion in revenue and $515 million in direct GVA.

Music recording, production, label services and distribution contributed $790 million in revenue (and and $350 million in direct GVA), while composition, songwriting and music publishing brought in $470 million in revenue (and $155 million in direct GVA), with artist Management being the last sector to crack the ton, contributing $195 million in revenue (and $92 million in direct GVA).

International demand was also high for Australian music, with music exports contributing an estimated total of $975 million to the industry revenue. Of that figure, music recording, production, label services and distribution made up the lion's share, with $485 million, while music retail and live music performance trailed behind at $310 million and $105 million, respectively.

Further findings in the report also outlined just how strong the Australian music sector is currently, noting how an estimated 12 million people attended contemporary live music events and festivals in Australia in 2023, contributing to its highest attendance figures in 15 years.

Similarly, while ticket sales amounted to an estimated $2.25 billion (for both local and international artists), live music performance as a whole contributed an estimated $4.83 billion in revenue for the Australian music industry in the past financial year.

That last point also indicated noted growth, given that in October 2024, Live Performance Australia released its Ticket Attendance And Revenue Report for 2022-2023, noting that the entirety of the live performance industry generated a national total of $3.1 billion in revenue – a 56.3% increase on the previous year. 

Likewise, the data points out interesting states regarding the division of music recording revenues, noting how out of the $790 million figure that the recording, production, label services and distribution sector brought in, $555 million of that was brought in from domestic and international sales of Australian recorded music, with major labels earning 70% of that figure, and indies bringing in the rest.

Similarly, streaming accounted for a total of 70% of total recorded music revenues, while over 85% of recorded music sales by Australian artists were generated internationally.

“Australians know instinctively – and research confirms – that music brings us together, supports our wellbeing and enriches our lives," Music Australia Director Millie Millgate said in a statement. "While the social and cultural value of music is understood, this report is the first comprehensive, end-to-end and segmented analysis of its economic contribution.”

“The Bass Line will be an ongoing annual series, providing a valuable tool for those working across all parts of the music industry. This first edition provides a baseline repeatable measurement of music’s impact and value.”

The delivery of The Bass Line has been welcomed by other organisations in the industry, including APRA AMCOS, with Chief Executive Dean Ormston labelling it “genuinely outstanding work that will transform how our industry understands itself.”

"To truly know who we are and where we fit in the global music landscape, we need comprehensive data,” he adds. ‘To effectively address our challenges, we must understand their scale and scope. And to achieve our vision for Australian music's future, we need clear metrics showing what success looks like and how to get there.

"The Bass Line delivers that foundation. The report is a transformative step forward that enables the Australian music industry to clearly define our current position and identify the pathways to realising our potential, both locally and globally, for creators, businesses and audiences.”

As Ormston continues, he adds that the release of the study also marks a “significant milestones” in the support of national music policy in the country.

“When APRA AMCOS began socialising the idea of Music Australia with the rest of the industry to the federal government, one of the key outcomes sought from this public investment was baseline reports that would benchmark Australian music's global competitiveness with real insights into our economic, social and cultural impact,” he adds.

"This report fulfils that vision. For too long, our industry has lacked the comprehensive economic intelligence needed to inform strategic decisions, guide targeted investment, or measure our progress against clear benchmarks. The Bass Line changes that entirely."

The entirety of Creative Australia's The Bass Line report can be viewed here.