The New Zealand music industry has reversed a 15-year trend of decline, posting a second consecutive year of significant growth for 2016.
And much of that 16 percent growth has been credited to music streaming services - which now account for 50 percent of total industry revenue, Recorded Music New Zealand chief executive Damian Vaughan says.
Music industry stats:
- Total revenue 2016: $86,198,000 (up 16 percent)
- Performance and broadcast revenue: $14,200,000 (up 4 percent)
- Streaming now 50 percent of revenue
- Download revenue still down, earning $10,972,000
- Physical sales also down, earning $17,700,00
- Vinyl: 14 percent of all physical sales, earning $2.5 million
- Record-equalling eight no 1 Kiwi albums in 2016.
Last year, the industry made $86,198,000 - that's on the back of a 12 percent growth in 2015.
The more than $40 million generated from streaming last year is up 169 percent on the previous year.
Mr Vaughan says streaming has helped turn the industry around and gives Kiwis a legal way to listen to music rather than pirating.
"Streaming services have emerged and thrived in New Zealand, giving consumers even more choice as to accessing and enjoying music in the digital age," he says.
The organisation's statistics also show public performance and broadcast revenue is up four percent to $14,200,000.
Downloads and physical sales are moving down the charts, but still contribute $10,972,000 and $17,700,000 respectively.
The vinyl trend is also going strong, accounting for 14 percent of total physical sales ($2.5 million).
Last year was also a record-equalling one for Kiwi number one albums, with eight going to the top of the charts.
Newshub.
