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Music Revenue Sources More Diversified than Ever

12 March, 2015
Media release

MUSIC REVENUE SOURCES MORE DIVERSIFIED THAN EVER
Recorded Music NZ releases wholesale figures for 2014

• Income sources are now more diversified with four income sources: physical product downloads, streaming, public performance and broadcast.
• Streaming continues to experience rapid growth and now represents 24 per cent of all recorded music wholesale revenues by format.
• Digital music now makes up 60 per cent of revenues by format.
• Vinyl album sales up more than 200 per cent on 2013 making up slightly more than $1million of revenue by format.
• Public performance and broadcast experiencing steady gradual growth year on year.
• Physical products and digital downloads remain very important revenue streams contributing $21.4million and $19.1million respectively in 2014.

Recorded Music NZ today (12 March) released its wholesale revenue figures for the New Zealand recorded music industry in 2014 and it proved another massive growth year for streaming services.

Public awareness and uptake of streaming services within NZ has grown significantly with streaming as a format claiming 15 per cent more of the overall revenue pie this year.

On the whole, digital music services still remain the number one source of revenue for rights owners accounting for 60 per cent of all music sales by format, leaving physical music products accounting for the remaining 40 per cent of the market.

Despite the increase in streaming revenue, overall income sources for record companies and recording artists are now far more diversified with four distinct income streams.

In 2014 the split was:
• Physical product, generating $21.4million
• Digital downloads, generating $19.1million
• Streaming, generating $12.7million
• Public performance and Broadcast, generating $13million

Recorded Music NZ CEO Damian Vaughan says the diversification of revenue sources reflects the diversification of audiences and the way they consume music.

“This year more than ever we have seen revenue spread near equally across multiple and very diverse sources,” Vaughan says

“This is a direct result of fans’ ability to purchase and listen to their favourite songs in so many new varied ways – from streaming and downloads to the local record store. That makes it more important than ever for record companies and recording artists to understand who their audience is, where they are and how they are consuming music.

“We really are spoilt for choice when it comes to our options in NZ and our artists have the ability now to reach their fans in a more meaningful and targeted way.”

Further information regarding the legal music and download services available to New Zealanders can be found at www.promusic.co.nz

Overall, in 2014 the NZ Recorded Music industry saw a slight decrease of just 0.8% per cent in annual recorded music revenues.

Recorded Music NZ has previously released its end-of-year NZ Top 40 Charts results for 2014 which are summarised below.

2014 Album and Singles Charts

2014 Top Selling Singles
TitleArtist
1HappyPharrell Williams
2All About That BassMegan Trainor
3All Of MeJohn Legend
4Stay With MeSam Smith
5Shake It OffTaylor Swift
6I See FireEd Sheeran
7Say SomethingA Great Big World feat. Christina Aguilera
8Thinking Out LoudEd Sheeran
9We Are DoneThe Madden Brothers
10RudeMagic!

2014 Top Selling Albums
TitleArtist
1XEd Sheeran
2Sol3 MioSol3 Mio
31989Taylor Swift
4In The Lonely HourSam Smith
5Frozen: The SongsVarious
6Pure HeroineLorde
7Ghost StoriesColdplay
8We RiseDevilskin
9The Endless RiverPink Floyd
10PRISMKaty Perry

2014 Top Selling NZ Singles
TitleArtist
1FreaksTimmy Trumpet and Savage
2Holding YouGinny Blackmore and Stan Walker
3Bridges Broods
4RoyalsLorde
5Yellow Flicker BeatLorde
6Mother & FatherBroods
7TeamLorde
8Make You MineBenny Tipene
9The WireDavid Dallas feat. Ruby Frost
10Special Six60

2014 Top Selling NZ Albums
RankTitleArtist
1Sol3 MioSol3 Mio
2Pure HeroineLorde
3We RiseDevilskin
4EvergreenBroods
5FVEYShihad
6Broods EPBroods
7The Soul SessionsWhenua Patuwai
8Words: The Very Best OfSharon O’Neill
9ToulouseBenny Tipene
10Science & Survival I Am Giant

Ends

Recorded_Music_NZ_Wholesale_Market_Report_2014.pdf

© Scoop Media

 
 
 
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