Australia to make $US10 million profit on new streaming music business

Posted November 05, 2018 05:15:17Aussie music industry body Industry Australia (IA) is hoping to rake in $US9.6 million on the sale of new streaming-music services.

Key points:The industry has been struggling to keep up with growing demand from new streaming services and is looking to tap into the growing audience of older AustraliansThere is a strong correlation between older Australians and Australians who watch Australian musicMore than one in three Australians aged 65 and over listen to Australian music on a weekly basis, according to a new study.

And it’s no wonder, says Industry Australia chief executive John Tice.

“I’m really confident we’ll be able to turn that around,” he said.

The Australian Music Industry Council (AMIC) said that it was the first time it had seen such a large revenue share increase in Australia’s music market, with a significant increase in revenue coming from older Australians.

“It’s a good sign, it’s a sign of growth,” AMIC president Mark Richardson said.

“We have a lot of people over 65 that listen to music, that play music and that are likely to spend money on the music industry.”

The AMIC is hoping that this new revenue stream will help it secure contracts with major international music labels and help it turn around the sector.

“The AMI has a really big opportunity here,” Mr Richardson said, pointing out that its revenues were growing faster than the national economy.

“If you’re going to be able and willing to spend, it really helps to have the ability to spend.”

When you’re young, you’re looking for the big bucks.

“Mr Richardson said that this was an opportunity that was worth taking.”

A lot of our older Australians, particularly in Melbourne, they’re very passionate about music,” he added.”

So they’re going and going and will pay for the privilege of listening to a lot more Australian music.

“The average age of Australian listeners in 2018 was 64.9, but that grew to 70.5 in 2019, according a study by Nielsen Music.

This suggests that older Australians are a significant part of the Australian music market.”

Australia is the third largest producer of Australian music and, according the Nielsen Music study, Australia’s share of the market is around 70 per cent,” Mr Tice said.

Mr Richardson agreed that younger Australians were a crucial part of this market, and he said that AMIC was in the process of recruiting people to work on the new music business.”

That’s going to include people who are already involved in music and will be brought on to do that,” he explained.”

People who are new to the industry, or are coming in to the market as an investor, will be a part of that.

“What we are seeing is a huge increase in engagement, in interest in our products and we’re going through a period of really exciting growth.”

What you need to know about the new streaming service:What you want to know: