MI2N
Music Industry News Network
WEDNESDAY, JANUARY 28TH
Advanced Search
MusicDish Advertising Network
Subscribe to Mi2N's Free Newsletters B2N (business) i2N (indie)
HOME | FREE NEWS SUBMISSION | PREMIUM PR DISTRIBUTION | PR COPYWRITING | RSS FEEDS | TESTIMONIALS | CONTACT

Sections: Band | Business | Career | Events | Label | Music Releases | Radio | Tech | Video | Web Events
Genres: Country/Folk | Dance/Electronica | Jazz/Blues | Latin | Rock | Urban | World
International: Asia | Canada | Europe

Advertise | Artist Development | Submit Video | MusicDish*China | MusicDish e-Journal | MusicDish Network | Urban Music News Network
Business News (more headlines) 01-11-2006

Nashville's Music Industry Worth $6.38 Billion

Bookmark and Share

A newly released study of the music industry in Nashville shows a total economic impact of $6.38 billion, according to Belmont University and the Nashville Area Chamber of Commerce.

Belmont, a Nashville-based liberal arts university with 4,300 students and a nationally renowned entertainment and music business program, conducted the music industry economic impact study. The Nashville Area Chamber of Commerce and its Music Associations Task Force commissioned the assessment. Results of the study were announced today.

"For the first time in Music City, everyone from policymakers and businesspeople to entertainers and everyday citizens will be able to grasp the true economic value of the music industry," said Dr. Patrick Raines, dean of the college of business and professor of economics at Belmont University.

Raines led the study along with Dr. LaTanya Brown, a former economics instructor at Belmont. Findings represent the economic impact of the music industry in the Nashville-Davidson-Murfreesboro Metropolitan Statistical Area (MSA). The assessment covered all major music genres, professional organizations, record labels, music performing rights organizations, music venues, music media, travel and hospitality, artist management and booking, and associated businesses.

Key findings:

Economic Impact--Direct spending by music industry firms in Nashville totaled $2.64 billion. The combined impact of direct and secondary spending totaled $3.96 billion. Music-related tourism accounts for another $2.42 billion in spending, bringing the total economic impact of the music industry in the Nashville MSA to $6.38 billion.

According to the report, the cities of Seattle; Austin, Texas; and Memphis, Tenn.; have conducted similar music industry studies, in addition to the state of Georgia. The cumulative direct spending impact for those studies was $3.14 billion.

Jobs--The study estimates there are 19,437 jobs directly related to music production. These jobs provide $722 million in annual labor income and pay an average annual wage of $37,200. An additional 19,826 jobs are indirectly created when music industry employees spend their income. Music-related tourism supports an additional 14,995 employees in the Nashville MSA, bringing the total employment impact of the music industry to more than 54,000 jobs.

Taxes--Sales taxes collected from core music businesses exceed $24 million annually, with property taxes adding another $45 million to local government treasuries. Accommodation taxes attributable to music-related tourism accounts for another $7 million, bringing the tax revenue generated by the music industry to more than $75 million.

Other Statistics--The Nashville MSA is home to more than 80 record labels, 130 music publishers, more than 180 recording studios, 27 entertainment publications and some 5,000 working union musicians.

"Nashville is Music City, and to fully leverage the brand, we certainly felt that an economic assessment of this magnitude was long overdue," said Mike Neal, president of the Nashville Area Chamber of Commerce.

Bookmark and Share

back | top



MusicDish Advertising Network

Mi2N Music PR

AIRPLAY DIRECT SETS NEW GLOBAL STANDARD FOR DIGITAL DELIVERY TO RADIO IN 2015

JEFFERSON THOMAS "COMES ALIVE"

MarilynMusic Welcomes You To A Creative And Fruitful 2015

The Beijing Underground Showcase No1

"An Afternoon Of Artist Development" With Appearances And Panels With GRAMMY®-Winners Colbie Caillat And Toby Gad To Be Held In Anaheim

IQzic Music Discovery And Funding Platform Announces January 26th Launch

Cosmpolitan Country Artist, Rhea Francani, Releases Debut Single "Dizzy" To World Market January 20, 2015

Chinese Singer Ruhan Jia Heads To Paris To Introduce Her Album "Smile"



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» Shazam Announces $30 Million Investment At $1 Billion Valuation
» Back To The Future Sounds: Moog Recommences Manufacturing Large Format Modular Synthesizers
» Nettwerk Music Group Acquires Robot Of The Century Music
» Introducing: Uphoric, The Global Festival Television Network
» GIVE ME A BREAK Radio Our Guest Thom Bresh
» PledgeMusic Names Alissa Crevier To Global Head Of Brand
» New Parlor Guitars Website Launched
» MODEST MOUSE SET TO HEADLINE Tampa’s Gasparilla Music Festival 2015
» 10th Anniversary CD Reissue & First Time Vinyl Release Of The Landmark Pink Floyd Tribute Album Back Against The Wall!
» The Doobie Brothers To Receive Music Biz 2015 Chairman’s Award


Get your music news covered...
Have your press release written
by the pros at Mi2N

Articles
MUSICDISH E-JOURNAL
» Red Bull Music Academy Sessions Kicks Off China Tour
» Red Bull Music Academy Accepting Applications For Paris Academy
» Nasty 8-bit Zombie GUIGUISUISUI Begins 2015 Tour
» Hyphenics Presents Transmission At Shanghai's URVC
» Vintage King Launches "Make Your Mark" Video Series
» Music Therapy May Provide Hope To Alzheimer And Parkinson Sufferers
» Asia Society: Shanghai / New York: Future Histories
» Is Nashville's New "It" City Status Threatening Its Musical Roots?
» The Connect Sessions: An Extravaganza Presented By SPIN And Powered By Microsoft
» BMG Signs Worldwide Rights Management Deal With Chinese Music Company Giant Jump
» CMA Gives Snapshot Into Music Discovery Behavior
» How To Manage Your Talent: FIVE Realistic Tips For Success

Mi2N's Music PR distribution service guarantees online exposure for your press release. Choose from seven (7) different packages.


HOME | FREE NEWS SUBMISSION | PREMIUM PR DISTRIBUTION | PR COPYWRITING | RSS FEEDS | TESTIMONIALS | CONTACT

Sections: Band | Business | Career | Events | Label | Music Releases | Radio | Tech | Video | Web Events
Genres: Country/Folk | Dance/Electronica | Jazz/Blues | Latin | Rock | Urban | World
International: Asia | Canada | Europe

Advertise | Artist Development | Submit Video | MusicDish*China | MusicDish e-Journal | MusicDish Network | Urban Music News Network
Copyright © 1997-2015 MusicDish LLC, all rights reserved. Text, graphics, and HTML code are protected by US and International Copyright Laws, and may not be copied, reprinted, published, translated, hosted, or otherwise distributed by any means without explicit permission.