Australian record industry hits high note with 2012 growth
THE Australian recording industry grew by four percent last year, new figures released by the Australian Recording Industry Association (ARIA) reveal today.
The increase in value to $398.1m was the first upwards trend the industry has experienced in its annual wholesale figures since 2009.
The continued uptake of digital music resulted in more than 46 per cent of the market's value coming from digital products in 2012, compared to 36.7 per cent in 2011.
ARIA Chairman Denis Handlin was pleased with the positive result, but said there was still work to be done combatting illegal downloads and file sharing.
"The Record Industry has revolutionised over the past decade and has led the way in new business models, in particular licensing digital services, whilst strongly supporting traditional CD retailers," he said.
"While our work with Government and ISPs to ensure artists and their record labels are properly rewarded for their creative efforts is still far from finished, the demand for music is as strong as ever and Australian music fans are embracing the many legitimate platforms where an incredible range of local and international music is widely available."
It is hoped the growth will continue into this year, with album releases scheduled in 2013 for Australian artists including Jessica Mauboy, Reece Mastin, Boy & Bear and the Hilltop Hoods, and international artists including Bon Jovi, David Bowie, Lady Gaga and Celine Dion.