Aussie Live Market to Grow By $10M

The Australian live music market is tipped to grow by A$13 million ($10 million) in the next five years.

PricewaterhouseCoopers’ 14th Australian Entertainment and Media Outlook, published June 15, estimates the market will grow from its current A$807 million ($622.5 million) to A$820 million ($632.5 million) by 2019.

PWC said that the rise would occur despite the cooling off of the festival market. In other music predictions, the report expected the decline in physical sales Down Under to continue, from $245 million ($189 million) to $131 million ($101 million) by 2019. However, this decline will not be offset by digital record sales, which have largely plateaued. But the Australian consumer’s take-up of streaming music will increase monies to almost a third of all digital music revenues.

The report also showed figures in other leisure sectors which could affect live music revenue. Cinema box office revenues will grow to more than $90 million ($69.4 million), leading to a continued decline of physical sell-through and in-store rental. Video on demand through streaming services and OTT will more than double in five years from $125 million ($90.4 million) to $270 million ($208.2 million) Mobile gaming will reach the same size as the console gaming market by 2019, while sales of digital games will exceed physical games within five years.