MI2N
Music Industry News Network
WEDNESDAY, MARCH 4TH
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

MusicDish Review: Marilyn Music Single "Smoke And Mirrors"

Andre Xcellence! & American Commission Release The Official Video For "Game Of Thrones"!

Anouschka Bridges African Pop With Western Songwriting

GRAMMY Gold For Rob Chiarelli

Soundizers Announces The Release Of StereoMonoizer

Free Eventide Looper For All H9 Owners For Limited Time

Robert Kramer Releases "Branded" For Valentines Day

Cosmopolitan Country Artist Rhea Francani Releases Debut EP



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» Kobalt Closes $60 Million In Funding To Scale Its Technology And Services For Songwriters, Artists And Rights Owners Globally
» Sennheiser Brings Transcendent Audio To Public Television For Front And Center Entertainment’s Speakeasy
» Brooklyn-Based Music Incubator Signs Kerchief To Artist Development & Distribution Deal
» MusicDish Review: "Games Of Thrones" Music Video By Andre Xcellence
» The Free Radio Alliance Rejoins The Fight To Oppose The Performance Tax
» ASCAP Promotes John Johnson To SVP, Licensing
» WorldArts Launches As The First-Ever Digital Discovery Platform Connecting Artists With Music Fans And Exclusive Opportunities For Worldwide Exposure
» Berklee Hosts Its 10th Annual SXSW Party: Boston And Beyond On Thursday, March 19
» TheRealDBlake To Release New 2015 "Mixtape & Music Video"
» HAIDUK Entering Studio To Record Follow Up Album To 'Spellbook'


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

Articles
MUSICDISH E-JOURNAL
» GoaProductions Presents 2015 Spirit Tribe Gathering
» Conductor Long Yu Announces The Creation Of A New Music Canon - COMPOSE 20:20
» China Arts Foundation International 2nd Annual Chinese New Year Gala
» Avent Studio: A Touch Of Beijing Art In NYC
» Hampton Hotels Leverages Music And Emotion
» Ebook And Music Downloads Stagnate While Mobile Games And Videos See Strong Growth
» BakerHostetler Files Copyright Infringement Complaints For Freeplay Music Against Multi-Channel Networks
» Tim Lies Releases Chengjsihan Song For Chinese New Year
» CISAC Releases 2015 Global Collections Report
» Lauren Ceradini Joins Capitol Music Group As Vice President Of Publicity
» Asian Song Placements On Colectivo Bunka Compilation By MusicDish
» Sanlitun's FUBAR: The Latest Entry In Beijing's Live Music Scene

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.