Following the launch of a parliamentary inquiry into the Australian music industry, the Australian Recording Industry Association (ARIA) has finalised its submission which targets an increase of Australian music in the global market by 2030.
ARIA reported that in 2017 the Australian music industry experienced its biggest year of growth in more than two decades, however, a spokesperson from ARIA confirmed Australian music currently holds only 1% of the global market. Capitalising on this growth, the submission made by ARIA, in conjunction with all major music peak bodies (APRA, AMCOS, AAM, AIR, PPCA), targets a 5% market share of the global music market by 2030.
The executive summary of ARIA's submission, provided to The Music, acknowledges that "after a long period of challenge and disruption, the music business has evolved to embrace the growing online and global marketplace". Suggestions as to how the "ambitious goal" will be met come in a number of categories including creators' rights, investment, export, local content, music cities and live music, and music education.
The summary ends by saying, "We look forward to working towards a final report from the Committee which contains tangible, achievable recommendations which can achieve bi-partisan support."
The House of Representatives Standing Committee on Communications and the Arts launched the inquiry in August in order to examine the factors contributing to the growth and sustainability of the Australian music industry.
The chair of the committee, Mr Luke Howarth MP said, "Australian music is loved at home and around the world for its creative talent and innovation. The committee wants to hear how Australian composers, songwriters, performers and producers can expand their reach and better compete with overseas artists.
"We also want to hear from investors, music companies, record labels, cultural organisations, festivals and other businesses that connect Australian musicians and music with audiences and markets.
"The music industry must be dynamic to adapt to the rapidly evolving ways we access and listen to music. As a committee, we believe that Australian music can be more competitive and we will be investigating ways the Australian music industry can continue to grow sustainably."
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