Recorded Music NZ, the industry representation and licensing organisation for recording artists and their labels, today (31 March) released its wholesale figures for the New Zealand recorded music industry in 2013.

Digital music services are now the number one source of revenue for rights owners accounting for 51 per cent of all music sales by format, overtaking physical music products for the first time.

2013 was also a year of massive growth for streaming services and adoption by Kiwis. Music streaming revenues have tripled since 2012 and now make up approximately nine per cent of all revenues by format. There was also modest growth in digital album purchases an increase of three per cent in 2013.

Whilst increases in digital revenue fell short of countering the decline in physical album purchases (down 24 per cent), vinyl sales - accounting for only a small fraction of the overall revenues - were up 29 per cent in 2013.

This transition period experienced by the NZ Recorded Music industry in 2013 resulted in a decrease of 9.84 per cent in annual recorded music revenues.

Recorded Music NZ CEO Damian Vaughan is encouraged that the local recorded music industry is in a very strong position by which to prosper in this new environment.

"Music is always at the forefront of technology and as our industry is in a state of transition it's encouraging to see the rapid growth and take up of streaming services by New Zealanders," says Vaughan. "While our industry adapts and evolves, it's quite clear that in 2014 there are multitude of ways to access and consume music - whether it is streaming, purchasing downloads or visiting the local record store."

Further information regarding the legal music and download services available to New Zealanders can be found at www.promusic.co.nz

Recorded Music NZ Chairman Chris Caddick is also buoyed by the passionate support for local music and the exciting year ahead.

"The value of music to the NZ economy and cultural landscape is significant. As the Kiwi music fan embraces the digital landscape, it's clear that support for NZ Music is very strong which mirrors the phenomenal list of releases that our local artists produced in 2013," adds Caddick.

Recorded Music NZ has previously released its end-of-year NZ Top 40 Charts results for 2013 which can be viewed HERE.