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.
“Additionally, until international movements are more fluid and conditions regarding 14 day quarantine are modified, we are unlikely to see a return of the biggest world tours to Australia’s arenas. Though confidence grows that this may be addressed from mid to late 2022.”
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.