A recent study has highlighted the drastic reduction in recorded music income in Ireland. The study is based on a 5 year period (2008 - 2012) and shows income for recorded music fell by 50% during that period! Not surprisingly digital sales and streaming increased by 14% whilst physical sales dropped. The total income across all recorded music, including digital and streaming fell from €72 million in 2008 to €33 million in 2012.
There is nothing to suggest that the market will not continue to shrink and a number of measures have been suggested including setting up a National Music Board, similar to the Irish Film Board.
IMRO [Ireland's equivalent of PRS (UK) and APRA (Australia)] estimates that €291 million is generated by the core music industry each year in Ireland, €88.6 million from consumer spending and €93.8 million from the digital supply chain.
Ireland has always been a champion of the arts and the nation has produced some legendary musicians and music. It is critical that musicians continue to earn from their music to ensure that the legacy continues and musicians are able to make a career of it.
