The story
In 1956, the Association of Australian Record Manufacturers (AARM) was formed by Australia's major record companies. It was replaced in the 1970s by the Australian Recording Industry Association, which was established by the six major record companies operating in Australia, EMI (now part of Universal Music Group), Festival Records, CBS (now known as Sony Music), RCA (now part of Sony Music), WEA (now known as Warner Music Group) and Polygram (now known as Universal). It later included smaller record companies representing independent acts/labels and has over 100 members. By 1997, the six major labels provided 90% of all recordings made in Australia. ARIA is administered by a board of directors comprising senior executives from record companies, both large and small.
From Wikipedia’s article on Australian Recording Industry Association, shared under CC BY-SA 4.0.4