TLDR version: Australia’s music streaming market, highly fragmented before 2016, is now dominated by Spotify, Apple Music, Amazon Music, and YouTube Music. With maturing subscription growth, major operators have increased prices, sustaining revenue expansion. Our new “Australian music streaming forecast” forecasts that the industry will grow subscription revenue at 10.6% from FY23 to FY28, when it will finally account for 94% of industry revenues. Advertising revenues are also expected to grow at 6.9% and will comprise the balance.