MI2N
Music Industry News Network
MONDAY, MAY 30TH
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

John Keenan’s New Album, "The Illusion Of Logic" All Set To Make Buzz In June

Rachel Espendez Releases Her Spin On Shawn Mendes' Pop Hit Song "Stitches"

Colectivo Bunka Worldwide Releases USB Vol. 6th Special Anniversary Edition

Registration Closing For 21st Annual USA Songwriting Competition

"Live & Die": Alessandro Bagagli Announces His New Album Out June 10, 2016

Jazz & Beyond Reinterpretation Of Pink Floyd's The Dark Side Of The Moon

Indie Folk Artist Releases Cancer Tribute



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» Google Play Music First To Sign With ICE, The New Music Licensing And Processing Service
» Zoom Delivers A Seamless Audio Solution For Google’s Jump
» Warner Music UK Launches The Firepit
» New App First To Offer Gamified Music Video Syndication Platform
» Singer Rainbow Chan Guest DJ On China's Kanjian FM
» Universal Music Group Appoints Graham Parker As President Of U.S. Classical Music Labels
» GESAC Welcomes European Commission's Communication On Online Platforms
» ROTATION RECORDS TO HOST MUSIC NETWORKING EVENT TO BENEFIT PHILADELPHIA RONALD MCDONALD HOUSE
» Rachel Espendez Releases Her Spin On Shawn Mendes' Pop Hit Song "Stitches"
» MusicDish Yaogun Adds Chinese Rock On Colectivo Bunka USB Vol. 6th Asia Music Compilation


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

Articles
MUSICDISH E-JOURNAL
» Syndney Singer Rainbow Chan Guest DJ On China's Kanjian FM
» Brownswood Launches Second "Future Bubblers" Music Discovery Program
» MusicDish Yaogun Adds Chinese Rock On Colectivo Bunka USB Vol. 6th Asia Music Compilation
» Kobalt Offers Creators Real-Time Earnings & Data Reporting
» New Online Ticketing System In Hong Kong Offers Enhanced User Experience And Lower Promoter Fees
» Ryan West Video Shows How To Add 'Transformer Color' In A Mix
» Tou-JAM Presents Legendary DJ Scratchy
» AdShare Appoints June Zhan Head Of New Taiwan Office
» CMA Research Shows Country Music Consumers Spend More On Music
» Dippso.com Blurs The Line Between Search & Streaming
» Nominations Now Open For 2017 She Rocks Awards
» Planetrox China 2016 Semi-Final

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.