AMIN releases results of members survey on financial costs

The results of the Australian Music Industry Network (AMIN)’s recent survey of members on financial costs indicates that professional musicians and songwriters may need more advice on travel, insurance and accounting.

AMIN’s member organisations are Music Victoria, Music NSW, West Australia’s WAM, Queensland’s QMusic and Northern Territory’s Music NT.

The 125 members who took part were mostly 25-34-year-old males living in metro Victoria. Of those who derived an income from performing, most earned either $50—$200 monthly before tax or $200—$500 monthly before tax.

Only 1% to 25% of their monthly income was generated from performing. On average they earned between $1,000 to $5,000 a month before tax from other hobbies or paid employment. In an average week they contributed $150 or more towards the costs associated with working on their music career. Only 4% did not need to top up costs.

82% have an ABN. About 32% tended to accept cash in hand, to avoid tax and “to leave no paper trail”.

When it comes to financial planning, 39% have their own arrangements in place, while 23% had not sought to get advice.

In terms of insurance, 94% had cover on their instruments. But only 13% were insured for disability and 5% for loss of income.

For domestic travel, 63% used Virgin and 16% opted for Qantas. Those who flew Virgin “always” or “frequently” did so because of its baggage allowance for musicians. 83% encountered no problems getting their allowance (19% had no idea it existed). But the 17% who had problems blamed check-in staff who were not properly trained or unaware of the musicians allowance.

Only 41% of those in the survey undertook international travel for their music careers. They had no preference for any airline.

When they travelled or toured, 65% hired a vehicle. 79% did it as a band and 27% as a solo act. They usually opted for an eight-seater, with a standard car as second choice. 54% had no preference for vehicle hire companies but there was a tied preference (14%) between Avis and Budget.

AMIN said that as a result of the data collected, it would use its success in negotiating the Virgin Baggage Allowance to try and deliver further savings for members with hotel and vehicle hire companies.