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Business News (more headlines) 04-27-2011

Study Puts Georgia Music Industry's Impact At $3.7 Billion

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-- B. William Riall, Ph.D. study cites industry contributing 19,955 jobs

-- More than $313 million collected in state and local tax revenue

-- First comprehensive study on Georgia's music industry since 2006

Georgia Music Partners, Inc. (GMP) today announced the availability of "Economic and Fiscal Impact Analysis of the Music Industry in Georgia," by noted Ph.D. in Economics, B. William Riall. GMP sponsored the study, which is the first in-depth analysis of the state's music industry since a 2006 Georgia State University study.

"Georgia has the most diverse, world-famous renowned artists, but Los Angeles, New York City and Nashville are better known as music business hotspots. We believe Georgia has the right mix of talent, facilities and innovation needed to compete"

Key findings include:

* $3,777,861,628 total impact on the state's economy
* 19,955 jobs (direct and indirect)
* $313,997,714 in taxes collected by state and local governments
o $126,269,724 collected by the state
o $187,727,990 collected by local governments

To download a compete copy of the study, go to http://georgiamusicpartners.org/

Georgia Department of Economic Development's Chief Operating Officer, Pat Wilson said, "The new study reconfirms that Georgia has one of the most robust music industries in the United States, providing good jobs for a significant number of our citizens and contributing to the economic health of the state."

Simon Horrocks, co-president of Georgia Music Partners, believes there is an inequity between the creative talent in the state and the supporting music business industry. "Georgia has the most diverse, world-famous renowned artists, but Los Angeles, New York City and Nashville are better known as music business hotspots. We believe Georgia has the right mix of talent, facilities and innovation needed to compete," said Horrocks.

"Music is a global industry for Atlanta and Georgia," said Hans Gant, senior vice president of economic development of the Metro Atlanta Chamber. "But it's also important because of the signal it sends -- that Atlanta is a multicultural powerhouse where smart, young professionals want to be. They see Atlanta as a city that thrives on the creativity of its young people, and knows how to turn that talent into economic prosperity."

"As wonderful as the 2008 Georgia Entertainment Industry Investment Act has been in bringing TV and film production to Georgia, it does not drive the music business," said Tammy Hurt co-president of Georgia Music Partners. "GMP is working for all people who make a living in recording, live entertainment, music technology, publishing and related business services."

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