Written by: Roshan Dwivedi
On Thursday, May 4, an announcement was made by trade body ARIA that on-demand audio streams for the first time will be taken into account in Australia’s official weekly album charts.This Saturday (May 13), the first ARIA Albums Chart to integrate streams will be revealed using data provided by Spotify, Apple Music, Deezer, Google Play and other digital music streaming services.
Australia’s most popular albums will be accurately represented with this long awaited move, points out ARIA. Also, it comes at a time when there is “dramatic growth” in streaming which has multiplied 2x in value since 2015 and currently represents the largest share of the Australian record industry’s revenue pie. A sum of A$135 million ($10 million) is the revenue from streaming products in 2016 which increased by more than 90% year-on-year. According to recently published trade data, the revenue from streaming products now constitutes for almost 40% of the recorded music market’s total value which rose up to A$352.2 million ($269 million) last year, an increase of 5.5%.