MI2N
Music Industry News Network
THURSDAY, APRIL 9TH
Advanced Search
HOME | FREE NEWS SUBMISSION | 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



Mi2N Music PR


Rulapalooza Launches In Hong Kong In March 2020

Songwriters Showcase 2020 @ SXSW, Presented By USA Songwriting Competition

Ellis Paul Wins Top Honors In 16th Annual Acoustic Music Awards

Calling All Rude Boys And Girls

Bruce Cockburn Announces 50th Anniversary Shows

Hit Songs Deconstructed Releases Its 2019 Year-end Hit Song Trend Report, The State Of The Hot 100 Top 10

Music Documentary Premiere 'United Nation: Three Decades Of Drum & Bass' Feat. Sigma, DJ Fresh, Andy C, Fabio & Grooverider


News Headlines
Mi2N EDITOR'S PICKS
» Soundstripe Launches New Music-Licensing Subscription Plans For Businesses
» 64 Audio Issued Its Second U.S. Patent
» Indie Incubator Sky Titan Media Announces First Quarter Releases, Hires Award-Winning PR Firm
» Music Documentary Film MAKANNA Online - Premiere!
» GLOBAL RADIO CURRENTLY SEARCHING FOR NEW MUSIC & CONTENT
» Cinq Music Adds Fotemah “Tmah” Mba To A&R, Urban/R&B
» Musicians Come Together For Moog Music’s “Synthesize Live”
» AIM Independent Music Awards Returns To The Roundhouse For 10th Anniversary Celebrations
» Jarrod Alexander (My Chemical Romance) Brad Webb (Jamie Cullum) And Stephen Bidwell (Black Pumas) Become Gretsch Endorsers
» Chicago's Sunshine Boys To Release Sophomore Album 'Work And Love' On May 1


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

Articles
MUSICDISH E-JOURNAL
» Live Nation Electronic Asia Inks Deal With Budweiser For Creamfields Festivals
» Andy Ma Appointed Warner Music China CEO
» IndieOn Connects Music To The Blockchain
» The 2018 MIDEM Silk Road International Music Alliance Signing
» Screen Music Connect To Explore The Music Of Film, Television And Interactive Media
» Fred Casimir To Develop BMG's Global Recordings Business
» 13 Music Label Sold To MTN
» CISAC 2018 Annual Report
» MusicDish Announces A Love Electric 2018 China Tour
» Darcus Beese Named President Of Island Records
» Avant-Garde Label Maybe Noise Launches In Beijing
» Award-Winning Lithuanian Rock Band Colours Of Bubbles "She Is The Darkness" 2018 China Tour


HOME | FREE NEWS SUBMISSION | 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 © 1997-2018 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.