The motion picture and sound recording activities sector in Australia experienced significant fluctuations from 2013 to 2023. The value reached 2.95 Billion AUD in 2023, reflecting a 9.8% year-on-year increase. The sector faced a sharp decline in 2021 with a 25.68% drop, but has recovered gradually since then, recording a 23.56% rise in 2022. Over the last five years, the sector's compound annual growth rate (CAGR) was 0.38%.
Forecasts suggest continued growth, with the value projected to reach 3.19 Billion AUD by 2028. The sector is expected to grow at a CAGR of 1.26% over the next five years, accumulating a total growth rate of 6.47% by 2028.
Future trends to watch for:
- Emerging technologies in digital production and distribution.
- Increasing demand for streaming services and original content.
- Potential impacts of regulatory changes and economic fluctuations.
- Ongoing recovery and adaptation post-COVID-19 pandemic.
