MI2N
Music Industry News Network
THURSDAY, DECEMBER 8TH
Advanced Search
MusicDish Advertising Network
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

Gig Performer Software Elevates Live Performing Experience Providing Complete And Effortless Control Over A Live Music Rig

Toronto's K-Slick Realeases New Music Video

Singer/Songwriter Katie Garibaldi Original Christmas Song Out Now!

Anthony Caceres Releases Smooth Jazz Single "A Very Special Christmas"

Atlanta-based Rapper Chris Jamez New Single "Street Soldiers"

VersusMedia Launches New Website For Its Film Music Service

Lost Elysium Launches Their Newest Single From Woodstock New York



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» Global Royalties For Creators Reach Record High Of €8.6 Billion
» Gig Performer Software Elevates Live Performing Experience Providing Complete And Effortless Control Over A Live Music Rig
» IFPI'S 'Investing In Music' Report Shows Record Labels Invest Us$4.5 Billion Annually In A&R And Marketing
» MusicDishTV Review: J.Ovanni Music Video "Lap Dance"
» IHeartMedia Launches First Ever - And Only - Interactive On Demand Radio Services, 'iHeartRadio Plus' & 'iHeartRadio All Access'
» VidaPrimo Appoints Stephen Brooks Executive Vice President And General Manager
» Stingray Music Launches Free Online Music Player
» Spotify’s Troy Carter First Keynote Speaker Announced For Music Biz 2017 From May 15-18 In Nashville
» Singer/Songwriter Katie Garibaldi Original Christmas Song Out Now!
» Natalie Jean Nominated For Her Song "Mon Ange"


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

Articles
MUSICDISH E-JOURNAL
» Viberate.com Statistical Resource For Music Professionals
» Proper Becomes European Hub For Believe, Picks Up Glitterbeat
» Inaugural MAMA Creators' Forum In Hong Kong
» Live Streaming Eagle I Stallian "Reckless Gods" China Tour
» Koto-toting Jazz-Folk Trio The Jessica Stuart In Beijing
» BMG And Alibaba Music Deepen Music Partnership
» Ambient Chill Out Night @ Dada Beijing
» Warner/Chappell Names Monica Lee President, Asia-Pacific
» Sub Terra #3 - 12th November Promises
» Deadline Upcoming: USArtists International 2016-2017
» Fashion Rocks First Time In Asia
» Elenore "Into The Shadow" Tour Continues In Beijing And Shanghai

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.