Recorded Music NZ has released the report on the Economic Contribution of the Music Industry in 2021 and 2022. The report was commissioned by Recorded Music NZ with the support of APRA AMCOS and The NZ Music Commission and conducted by PWC. The report combines two years of data, sourced from Recorded Music and APRA. There was no report in 2022.
The report reveals that in 2022 the Aotearoa music industry contributed $720 million to Aotearoa GDP after accounting for multiplier effects. It directly employed around 2,250 people in full-time equivalent jobs (FTEs).
The findings show a continued impact of COVID-19. Between 2019 and 2021, the industry’s economic contribution decreased year-on-year, primarily due to the effects of the COVID-19 pandemic, in particular on live performance revenue and overseas income. Radio broadcasting revenues decreased initially but have since recovered to 2019 levels.
In 2022, GDP contributions increased relative to 2021, driven by streaming and overseas earnings. Overall, the retail sub-sector has continued to grow, driven by continued growth in streaming revenues and possibly also bolstered by changes to consumer behaviour associated with “lockdown life.”