The value-added activities in Creative and Performing Arts in Australia saw a significant trend over the past decade. From 2013 to 2019, there was generally steady growth with occasional dips, peaking at AUD 2.48 billion in 2019. However, the sector faced notable declines in 2020 and 2021 due to external factors, likely including the impact of the COVID-19 pandemic, reducing to AUD 1.75 billion in 2021. A robust recovery occurred in 2022 with a surge of 35.06% year-on-year growth, bringing the value to AUD 2.37 billion. In 2023, however, there was a slight decline of 4.98%, stabilizing the value at AUD 2.25 billion.
Looking ahead, forecasted data from 2024 to 2028 indicates consistent growth with a Compound Annual Growth Rate (CAGR) of 1.51%, reaching AUD 2.48 billion by 2028. This long-term trend suggests a gradual yet steady recovery and positive trajectory for the Creative and Performing Arts sector in Australia.
Future trends to watch:
- Impact of technological advancements and digital transformation on performing arts.
- Changes in consumer behavior and entertainment consumption post-COVID-19.
- Government and private sector investments in arts and cultural initiatives.
- Potential market expansions and collaborations with global creative industries.
