The report emphasises the need for immediate, targeted investment to support sustained growth in the sector.
The article titled “South Australia’s Music Industry Contributes $490m: Report” discusses a report revealing that South Australia’s music industry generated $490 million for the state’s gross domestic product (GDP) in the 2022/23 period.
This marks an increase from $375 million in 2015/16 when Adelaide was named a UNESCO City of Music.
The report, prepared by BDO EconSearch and supported by the Music Development Office, the City of Adelaide, and Festival City ADL, also highlights a rise in music industry employment to over 9,200 jobs, up from 6,300 in 2015/16.
Despite the growth, the report notes that the industry faces significant challenges, including increased operating costs, labor shortages, and higher insurance premiums.
Additionally, consumer demand for music has not yet returned to pre-pandemic levels, and rising costs impact artists and businesses in the sector.
To sustain growth, the report emphasizes the need for immediate, targeted investment.
Adelaide has been active in promoting its music culture, opening the Hindley Street Music Hall in 2022 and receiving nominations for “best global music city” and “best late-night economy initiative” at the international Music Cities Awards.
The city also hosts significant music events such as Indie-Con and AIR Awards and honors local music legends with dedicated street lanes.
The report concludes that with the right investments, the music industry in South Australia could continue to grow, contributing further to the local economy and enhancing the state’s cultural profile globally.
Source: South Australia’s Music Industry Contributes $490m: Report
