Recorded Music New Zealand shared an update on the 2014 music industry in New Zealand. During the year, music revenue totaled NZ$66.2 million, down from the 2013 total of NZ$66.7 million and a 2012 total of NZ$72.2 million. Streaming’s share of the revenue pie rose from 9% in 2013 to nearly a quarter in 2014. Those platforms generated NZ$12.7 million in revenue last year, compared with NZ$5 million the year prior. Physical music sales were still the biggest source of income, with 40% of the market, but total revenue from those formats dropped NZ$5.7 million in value to an annual total of NZ$21.4 million.

Damian Vaughn, head of Recorded Music NZ, said the industry income was more diversified than ever before. “That makes it more important than ever for record companies and recording artists to understand who their audience is, where they are and how they are consuming music,” he said.