PWC released it’s Annual Entertainment and Media outlook report this week. It’s 20th edition takes a look at the Australian Music Industry in 2020.
Unsurprisingly, the industry revenue is down 39%, with the obvious culprit: Covid-19 and the restrictions that came along with it. The Australian Music industry had a valuation of 1.8 Billion in 2019, and 1.1 Billion in 2020.
People from the land down under will likely not see arena world tours until Mid-2022. Tourism will continue to suffer as Australia remains one of the strictest countries with regards to incoming tourists. Their current regulation requires all visitors submit to a 14-day quarantine.
On the bright side, digital music grew 8.3%, which is a less than last year. Experts suggest is more of a sign of a maturing market, than of complications due to Covid.
Australia is not alone in a world starved of music. The Aussie story is a common one across the global landscape of the music industry. Here’s hoping that music will bounce back, quicker than springy kangaroo.