APRA AMCOS welcomes landmark economic study
"A giant step forward" for the Australian music industry
Report provides crucial baseline to define industry's footprint and unlock global opportunities
APRA AMCOS today welcomed the release of Music Australia's groundbreaking economic study, The Bass Line: Charting the Economic Contribution of Australia's Music Industry, with CEO Dean Ormston describing it as "a giant step forward" in the Australian music industry's ability to define its current footprint and global opportunities.
In a first for Australia, the report reveals that the local music industry generated $8.78 billion in revenues and contributed $2.82 billion in direct gross value to the Australian economy in 2023-24, with music exports worth $975 million and demonstrating the global appetite for Australian music.
"This is genuinely outstanding work that will transform how our industry understands itself," says Dean Ormston.
"To truly know who we are and where we fit in the global music landscape, we need comprehensive data. 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.
“The study's release also marks a significant milestone in the evolution of national music policy support. 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.
"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 report's findings underscore the breadth and depth of Australia's music ecosystem:
- Live music performance dominates the landscape, contributing $4.83 billion in revenue and supporting 12 million attendees in 2023
- Australian artists earned $860 million from their work across the music industry, with 48% derived from live performance
- Music exports of $975 million highlight the global appetite for Australian music, with streaming accounting for significant international revenue
- Composition, songwriting and music publishing contributed $470 million in revenue, with approximately 20% earned from overseas markets
"The evidence in this report is game-changing for how we advocate for our members and the broader music ecology,” Ormston adds.
"When we can demonstrate concrete figures, that music exports generate nearly $1 billion annually, that Australian creators earn substantial international royalties, and that our industry creates meaningful employment across the creative economy, we're presenting compelling arguments that resonate with decision-makers and the public.
"The international success stories throughout this report, from our electronic music renaissance to the global reach of Aboriginal and Torres Strait Islander music, demonstrate we're creating music that connects with audiences worldwide.
"The data shows we have significant room for growth within a global market that Goldman Sachs projects will reach US$151.4 billion by 2030. With the right strategic focus and continued investment, Australia can set its sights on becoming a net exporter of music.
"With this annual research, we will be able to track our trajectory, identify emerging opportunities and challenges, and demonstrate the measurable impact of policy initiatives and industry investments.
"Most importantly, it equips our creators, businesses and industry organisations with robust data to make strategic decisions about their careers, investments and future direction. That's the kind of evidence-based approach our industry needs to thrive in an increasingly competitive global marketplace," Ormston concludes.
