ARIA has released its 2017 industry figures today which reveal an increase in the value of the Australian recorded music industry not seen since 1996.
The value of the industry grew 10.5% to $391 million last year, an increase that was largely driven by an uptake in streaming music services.
2017 also marked the first year that over half of revenue came from streaming services with total intake topping $213 million.
"The return to growth of the Australian recording industry is a wonderful story of resilience, hard work and innovation," ARIA CEO Dan Rosen said.
"Music fans today can access their favourite artists across a multitude of formats from vinyl in their local record store to streaming services on their phones and smart speakers."
While streaming services drove the increase, vinyl sales rose for the seventh year in a row, increasing by 19% in 2017 and indicating the format's reinvention and endurance.
While the future is optimistic for Australian music ARIA Chairman and Chairman and CEO of Sony Music Entertainment Australia and New Zealand and President, Asia Denis Handlin insists that the key to it's continued success lies in a strengthened industry.
“Although our industry is now on a pathway to recovery, it is absolutely critical that Australia retains a strong copyright framework to ensure that artists and labels can protect their work and earn their fair share in the growing digital market," Handlin said.
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