A new music box will help Australian music companies by allowing them to more easily reach audiences and boost revenue, according to new research.
The research, by the Australian Music Industry Association (AMIA), shows that the Music Box will significantly boost the Australian economy.
“It is the industry’s first commercialised product to be available in a consumer product category, and the first in the world,” said AMIA chief executive Chris Pappas.
“The music box has the potential to increase sales and support the Australian independent music industry and the Australian business community.”
The Music Box is a portable musical instrument with an on-board speaker, a remote control and a microphone that allows listeners to play music from their own mobile phone.
It will be available from December 1, 2017, with the first batch of units due to launch later in 2017.
The product will be priced from $149 to $299.
The price includes a subscription to Pandora Music Unlimited, a $10 per month music streaming service that offers a number of popular artists.
The subscription is a free trial, and customers can opt to pay monthly or annual subscriptions.
Music Box was first introduced by the likes of Metallica, Pink Floyd and Nine Inch Nails in 2014, but is now being promoted by Spotify.
It has been endorsed by the National Arts Council of Australia and the Music Industry Council of Australasia, among others.
The Australian Music industry has suffered a downturn in recent years as consumers seek alternatives to traditional music services.
In October last year, the Australian Bureau of Statistics revealed that the number of people living in poverty in the country had more than doubled since 2010, and more than tripled since the global financial crisis.
Music boxes are the latest in a line of innovative products that can help Australian companies boost their bottom line, including the streaming service Spotify, which has been credited with helping to lift music sales from $12.3 billion in 2010 to $50.5 billion in 2018.
The Music box is the latest product to make its way to Australia, following the release of a $1 billion music box that includes an on board speaker and microphone.