Recorded Music NZ has released the report on the Economic Contribution of the Music Industry in 2019 and 2020. 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 – there was no report in 2020.
The report reveals that in 2020, the NZ music industry contributed $732 million to New Zealand’s GDP via indirect effects, and directly employed around 2,800 people in full time equivalent jobs (FTEs).
While 2019 was the best year for the New Zealand music industry, in terms of economic contribution, since the annual reports were started six years ago, in 2020, the industry felt the effects of COVID-19. The only subsector to grow from the previous year was retail, driven by continued growth in streaming revenues. Revenues from radio broadcasting, live performance and overseas income all reduced in 2020, primarily due to COVID-19.
A separate report details the estimation for 2020 of overseas earnings of NZ musicians, based on sample data collected by the industry. This is revenue earned outside New Zealand for live performances overseas, and recordings and publishing overseas. The estimated annual earnings over the period 2018 to 2020 are $36 million, generating a total GDP contribution of $52 million via indirect effects.