A new report by Music Australia, The Bass Line, has revealed the full economic impact of the country’s music industry for the first time — and the numbers are big. From 2023 to 2024, the Australian music industry generated $8.78 billion in revenue and contributed $2.82 billion in direct economic value. It’s a clear sign that music isn’t just a cultural force, but a serious part of our economy, too.

But while the figures confirm the industry's overall strength, they also highlight the uneven reality behind them — especially for the artists whose work powers it all. Below, the key takeaways from The Bass Line report.

Live music remains the industry’s powerhouse — even amid festival closures

Live music was the industry’s biggest economic driver, bringing in $4.83 billion in revenue in 2023–24. An estimated 12 million people attended contemporary music events and festivals — the highest attendance in 15 years, despite a wave of recent festival cancellations that continues to impact parts of the sector.

Ticket sales made up $2.25 billion of that total, while venues earned another $1.8 billion, much of it through food and beverage sales. Booking agents, artist managers, and crew earned $310 million, showing how many workers are involved behind the scenes of every show.

Australian artists earned about $425 million from live music — nearly half of their total income. But that income is unevenly distributed: the top 25% of artists took home more than 80% of total artist earnings, while the median income was just $14,700.

Earnings are concentrated among top artists

While the music industry’s overall revenue appears strong, the report highlights a stark imbalance in how that money is distributed. Of the $860 million earned by Australian artists across all sectors, 82% went to the top 25% of income earners. That leaves the majority of working musicians competing for a small slice of the pie. With a median artist income of just $14,700, the data paints a familiar picture: a handful of high-profile acts are doing exceptionally well, while most artists are struggling to make a sustainable living from their work. This income concentration raises important questions about access, support, and the long-term health of the creative workforce, especially for those still establishing their careers.

Recorded music is going global

Music recording, production, label services, and distribution generated $790 million in revenue over reporting period, driven largely by digital consumption. Streaming alone accounted for 70% of all recorded music revenue, reinforcing how central platforms like Spotify and Apple Music have become to the industry’s business model.

Of that $790 million, $555 million came from sales of Australian-recorded music — and notably, over 85% of that came from international audiences. This global demand for Australian artists is a promising sign, particularly for export potential. But most of the money still flows to major labels, who earned 70% of recorded music revenue, compared to 30% for independents.

Artist management is under pressure

Artist managers, a vital but often under-recognised part of the ecosystem, brought in $195 million in revenue. More than half of this came from live performance-related activity. Most managers in Australia operate as sole traders, navigating increasing demands with limited support.

The report notes growing concerns from managers about the rising costs, risks, and lead times involved in developing talent in the current landscape, from digital strategy to touring logistics. It’s a reminder that while headline numbers suggest growth, the people behind the scenes are operating under growing strain.

Feature image by Mieke Campbell via Unsplash.