News headlines News headlines | January 05, 2019 05:24:54A record number of songwriters have made money on music sales in 2017, according to the Recording Industry Association of Australia (RIAA).
Key points:The RIAA’s latest figures show a record number have signed up to record dealsThe number of deals is a record high compared with 2016RIAa chief executive David Ganson said the figures showed that record companies were “making it a lot easier for the next generation of artists” to break into the industry.
Key pointsRecord companies have increased their focus on new artists with more artists making it into the marketThe number is a second-best performance year for a record since 2011, when the industry recorded its highest annual gain in seven years.
The RMA said record companies had continued to expand their focus to new artists, while they also continued to boost their revenue from streaming.
The figures from the Recording Artists’ Association of America (RAA) show that more than 10,000 songwriters signed contracts last year, with the total amount earned from those deals exceeding $20 million.
The rise in sales comes despite record companies tightening their belts over the past year.
In the year to June, RIAa’s record industry recorded record profits of $4.8 billion, up 3.3 per cent on the same period last year.
The organisation said the growth in the number of recorded artists is “a testament to the industry’s strong performance and the success of the Australian artists they have brought in to the marketplace”.
The RAA said that in 2016, the industry earned $7.7 billion, a record for a year.
It said that over the same year, there were more than 9,600 new artists signed to music deals, and the number rose to 9,000.RIA1 chief executive Chris Packham said it was encouraging that the industry was now seeing record companies working more closely with songwriters to promote their new songs.
“The music industry is still a small, agile and creative industry, so we can’t afford to take too much credit for this,” he said.
“We are still seeing record labels and their partners making it easier for aspiring artists to break in to record companies.”
Mr Packham also praised the new Australian music sector for helping to boost the industry and the industry in general.
“It’s a lot more mature, more collaborative and it’s got a lot of more artists than ever before,” he added.
“What’s really encouraging is that more people are getting involved with the music industry.”
Topics:music-industry,arts-and-entertainment,business-economics-and,music,business,industry-and/or-finance,australiaFirst posted January 05, 2020 07:06:19Contact Jason SmithMore stories from New South Wales