BRISBANE, Australia -- While COVID-19 forced Australia’s live industry into a depressing, deep freeze in 2020, the same can’t be said for the country’s recording industry.
New wholesale data published by ARIA reveals Australia’s record business expanded by 7.3% to A$542 million , duringIt was the sixth successive year of growth for the recorded music industry, which has been riding the fortunes of streaming services.Again, Spotify, Apple Music, YouTube Music and the myriad streaming brands powered the market, posting total growth of 14% in 2020, for income of A$362 million .
Vinyl albums are another bright point, spinning A$29 million in sales, up 32% versus the previous year. Sometime in 2021, the vinyl market will overtake the CD business, once a powerhouse format that's now worth just 5.6% of the total market. Digital single and album sales continue to trend down, shrinking by 27% year-on-year. Downloads now represent just 6% of the total market.
ARIA’s trade results were reported with no fanfare, and were overshadowed by the news that the Easter weekend Bluesfest
wow thats awesome
Philippines Philippines Latest News, Philippines Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: WSJ - 🏆 98. / 63 Read more »