Thanks to the music industry, Australia's economy just got richer by $1.2billion just because of the profit gained from live performances and festivals.

According to a report by the Herald Sun, a study has confirmed that music festivals that happened between 2009 and 2010 brought in $1.2billion to Australia's economy. The study, which was done by Ernst & Young, say the 3,904 live music events, venues, and festivals gave full-time jobs to 14, 806 people.

Also, the study has confirmed that the profit gained from the purchases made by concert goers such as beverages, food, items in bars and restaurants gave the most profit.

The study is said to be "the first of its kind" in the country, and confirmed that 41.97 million people attended live music events all throughout the year. New South Wales did the most contribution, being responsible for 32 per cent of the total profit and revenue. Queensland followed at 24 per cent, while Victoria boasts a 22 per cent contribution to the profit.

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