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The New Zealand music industry contributes $639 million to the economy – but homegrown content still only makes up just over a quarter of that revenue.
Recorded Music NZ has released PwC’s 2017 Economic Contribution of the Music Industry report, which was commissioned by the organisation, along with other industry bodies such as APRA AMCOS and the NZ Music Commission.
The study shows that the music industry as a whole contributed $639 million to New Zealand’s Gross Domestic Product (GDP) and directly and indirectly was responsible for 5,500 full-time jobs (FTEs). That is more than double the amount reported in PwC’s 2016 report, with growth being driven by the streaming explosion and live music.