A new report has revealed the Australian music industry generated $8.78 billion in revenue and contributed $2.82 billion in direct gross value added (GVA) to the national economy in the 2023–24 financial year.

Commissioned by Music Australia and produced by McAtamney & Associates, The Bass Line provides the first nationally consistent methodology for measuring the economic contribution of the music industry. The report also finds that $975 million came from international markets – highlighting the growing global demand for Australian music.

Its findings, based on data from more than 1,000 survey respondents and industry sources, mark the first comprehensive analysis of the sector’s financial impact.

Live music dominates

Live music performance was the largest contributor to the sector’s output, generating $4.83 billion in revenue and $1.44 billion in direct GVA. It also drove record audience numbers, with 12 million people attending contemporary live music events in 2023 – the highest attendance in 15 years.

Ticket sales for all live music events totalled $2.25 billion. Venue revenues reached $1.8 billion, with over $1.3 billion earned through food and beverage sales. However, despite strong topline figures, the live sector remains vulnerable. The report identifies venue closures,...