Record high group revenue: Group revenue tops $740m, up 7.2% from last financial year, with members being paid more quickly through investment in technology and innovation
AU/NZ writers taking the world by storm: International revenue at all-time high, reaching a record $86.1m, up 22.5% from last financial year
New members’ music reflects diversity of Australasia: Top UGC and streaming data from new members showcases mix of backgrounds, ethnicities and musical genres
Live local music crisis continues: Live music revenue and venues still below pre-Covid levels, staggering $600m in estimated lost income for artists since FY19
APRA AMCOS has unveiled its annual Year In Review report, revealing its highest group revenue to date of $740 million, up 7.2% from the previous financial year (FY).
Public performance has grown by 43.3% since 2019, driven by OneMusic licensing, with increases across the board including retail, hospitality, fitness and background music. Major concerts and festivals have grown 8.4% from last year to $37.4 million, with major international tours like Taylor Swift and P!nk drawing sizable audiences.
Digital remains the largest revenue category at almost 50%, with Video on Demand growing an additional 9.4% since last financial year. In five years, digital (including Multi Territory Licensing) across Australasia and Asia has grown 111%, more than doubling since FY19.
Overseas, Australian and Aotearoa New Zealand songwriters and composers have been taking the world by storm, with international revenue at an all-time high of $86.1 million, up 22.5% from FY23 and a huge 74% since FY19. Again, digital remains a high source of revenue at 47%.
In addition to revenue growth, APRA AMCOS songwriter members have been gracing some of the world’s biggest stages, from Coachella to Glastonbury; been in the running for Grammys (nominations for Dom Dolla, Troye Sivan and Kylie for the win); and co-written some of this year’s biggest hits in the growing genres of electronic and country. Pop continues to be an industry powerhouse, with Tones and I becoming the first woman to reach three billion streams on Spotify for “Dance Monkey”.
On screen, the unstoppable Bluey doubled its Disney+ viewing time in 2023 to 43.9 billion minutes and is currently the most-watched show in the USA this year, with music helmed by composer Joff Bush. Over in the UK, Tim Minchin’s stage success Roald Dahl’s Mathilda the Musical was adapted for screen, charming cinema audiences and going top 10 in 89 countries on Netflix, highlighting the critical importance of the value of Intellectual Property rights to music creators.
In terms of new members, their music reflects the diversity of Australasians today. APRA AMCOS’s top User Generated Content (UGC) and streaming data from new members showcases a rich mix of backgrounds, ethnicities and musical genres from hip hop to reggae and classical music.
The way people are consuming music is enabling greater accessibility and discoverability of these new members, like Samoan Australian R&B artist JKING, who first found success on short form video services with “Cinderella”, then went on to win Most Performed R&B/Soul Work at the 2024 APRA Awards.
Despite this, APRA AMCOS aggregated data continues to show a year-on-year decline in the percentage of local content consumed across streaming services as a whole. This highlights the continued need for local content obligations for local music to be seen and heard across all platforms.
With regards to gender diversity, the historic underrepresentation of women in the industry continues to be a critical issue that will take a concerted, cross-industry effort to address. However, more women are taking part in APRA AMCOS’s creative programs and initiatives, including the 23% mentorship program, The Connect Sessions networking events and virtual Insights Sessions, with overall 66% female participation.
At the National Aboriginal and Torres Strait Islander Music Office (NATSIMO), creative programs throughout the year provided music creators with skills development, deep connection and professional growth, such as the inaugural NATSIMO Observership Program, with Catherine Satour and Fred Leone becoming APRA Board Observers in 2023; Resonate; SAE production scholarships; and the Screen Composer Intensive, which aims to bring more Aboriginal and Torres Strait Islander composers into the industry
Notwithstanding the positive uplift in this year’s report, the local live music scene remains under serious threat.
Figures are slightly improving, with a 19% increase in licensed live music venues from the last financial year with new types of live music venues entering the scene, including small bars and breweries in regions such as the Northern Beaches and Inner West of Sydney, Port Adelaide and Launceston. However, numbers are still not back to pre-Covid levels and average licence fees are down 25%, leading to less performance opportunities and artists getting paid less.
Local performance royalties are also down 12.7% on FY19’s all-time high, again highlighting the need for more government support in the form of live music venue tax offsets to support independent and grassroots acts nationally.
APRA AMCOS estimates that artists have now lost out on a staggering $600m in live earnings since before the start of the pandemic (FY19).
Dean Ormston, CEO of APRA AMCOS, says: “This year, we’ve delivered strong revenue growth, investment in technology and the services that matter most to our members, together with our clear focus on advocacy. Our commitment to faster payments, streamlined work registrations and better earnings insights is putting more money into members’ hands, quicker.
“Programs like SongMakers, SongHubs and our partnership with Sounds Australia are opening new doors for songwriters and composers, both at home and internationally. These initiatives, combined with our ongoing advocacy to government, are ensuring that members have the best possible opportunity to build sustainable careers and thrive on the global stage.
“We’re excited to see the growing diversity of our new membership and the incredible range of music they’re creating. Our streaming and UGC data offer valuable insight into what audiences are engaging with and the breadth of music they’re discovering. We’re more confident than ever about the export opportunity of Australian music and the results speak for themselves - our members are making an impact worldwide and we’re thrilled to be supporting their journey.
“We cannot, however, overlook the ongoing challenges facing the local live music sector at home. 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 have stages for artists to play on and venues for audiences to see and hear their favourite artists and rising superstars.”
Read the full report at apraamcos.com.au/yearinreview24
Dean Ormston and Jenny Morris's APRA AMCOS FY24 Year in Review message