How much does the music industry contribute to the economy?

According to the report, the music industry contributes $170 billion to US GDP annually and supports 2.5 million jobs nationwide in core music activities like recording, streaming, and live performance, as well as adjacent fields like travel, retail, and marketing.

How much money did the music industry make in 2020?

United States recorded music revenues grew 9.2% in 2020 to $12.2 billion at estimated retail value. This is the fifth consecutive year of growth for the industry, as paid subscription services continued to be the primary driver of revenue increases, and reached a record number of subscriptions.

How much does music contribute to the Australian economy?

Music Australia has estimated the music sector contributes $4 to $6 billion to the Australian economy. Our copyright industries generate more value to the Australian economy than manufacturing and health care; with recorded music being one of the most significant contributors.

How much money the music industry makes?

On a wholesale basis – i.e. the money that makes its way back to record labels, distributors and ultimately artists – the US recorded music industry generated $9.8 billion in 2021. According to the RIAA data, that was up by $1.8 billion (+22.5%) on the $8.0 billion equivalent figure from 2020.

What is the economic outlook for the music industry?

In May 2020, Goldman Sachs estimated the entire music industry's revenue (live, recorded, and publishing) to increase from $62 billion in 2017 to $131 billion in 2030, representing a 6% CAGR. The 2030 estimate was an increase on its original prediction of $104 billion, made in October 2016.

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How does the music industry benefit the economy?

A vibrant music economy drives value for cities in several important ways. It fuels job creation, economic growth, tourism development and artistic growth, and strengthens a city's brand. A strong music community also attracts highly skilled young workers in all sectors for whom quality of life is a priority.

Does the music industry help the economy of our country?

The Philippine music industry makes a vital contribution to economic growth. First it provides veritable range of employment to music performers, recording artists and technical assistants. Second it remits a regular tax contribution to the national government coffers.

How much money does the music industry generate each year?

In 2020, the total revenue of the recorded music industry amounted to 23.1 billion U.S. dollars. Streaming made up 56 percent of this figure, bringing in 11.9 billion dollars globally.

Who dominates the music industry?

Currently, the music industry is dominated by the so-called Big Four: Sony Music Entertainment, EMI, Universal Music Group, and Warner Music Group. The Big Four control over 85 percent of the U.S. recording music industry (Copynot).

How big is the Australian music industry?

Australia's live and recorded music market was valued at A$1.1 billion in 2020, a decline of nearly 39 percent on the previous year, driven almost entirely by the suspension of the live music industry, which shed 90 percent of its revenue at A$86 million.

What percentage of musicians make it?

They found that 12% of the musicians (35-36 of them) said 80-100% of their income came from music-related work.

How many people are employed in the music industry in Australia?

Music and performing arts employs over 43,000 people in Australia. The venue-based live music industry supports employment of over 14,800 positions.

How big is the music market?

Global music revenues grew at the fastest rate in more than two decades last year, with help from artists like BTS, Taylor Swift and Adele. Revenues surged by 18.5% to $25.9bn (£19.5bn) in 2021, the highest level since records began in the 1990s.

Is the music industry growing or shrinking?

The US recorded music industry saw total revenues rise by 9.2% in 2020 to $12.15bn on a retail basis. As previously predicted by MBW, that was up by over $1bn on the $11.13bn the market generated across all formats in 2019.

What genre of music makes the most money?

The genre with the biggest gains is R&B/hip-hop, which is represented by 12 artists this year, up from three in 2019. When touring is in full bloom, heritage rockers, country artists and jam bands dominate Money Makers because of their concert grosses.

How much is the music industry worth 2021?

Streaming revenues for recorded music grew by 24.3% to $16.9bn in 2021, and thus now account for just under two thirds of total revenues – 65%.

How much money did the music industry make last year?

Continued strong growth to more than 60 million paid subscriptions drove the U.S. music industry to its fourth consecutive year of double digit growth. Total 2019 revenues of $11.1 billion were up 13% versus $9.8 billion the prior year.

How much money did the music industry make in 2021?

Global recorded music revenues reached $25.9 billion in 2021, an increase of 18.5% versus 2020. That's according to figures published today (March 22) in the Global Music Report 2022 from IFPI, the organization that represents the recorded music industry worldwide.

Is the music industry growing 2021?

IFPI Global Music Report: Global Recorded Music Revenues Grew 18.5% In 2021. 22^nd March 2022 – The global recorded music market grew by 18.5% in 2021, driven by growth in paid subscription streaming, according to IFPI, the organisation that represents the recorded music industry worldwide.

Which country is rich in music?

Sweden is one of the world's most successful exporters of popular music. Classical music included Choral genre. Modern music again had- Jazz, Pop, Bubblegum dance, hip-hop, rock, punk rock and heavy metal.

How much is the music industry worth 2022?

According to a new study from Pricewaterhouse Coopers (PwC), the live concert industry will experience significant growth during the next few years.

What impact does the music industry have?

The U.S. music industry's total impact on the country's economy grew to $170 billion in 2018, generating an additional 50 cents of revenue on every dollar earned for adjacent industries such as tourism, hospitality and marketing, according to the RIAA's new economic impact report released Wednesday (Feb. 9).

How does music contribute to one country's identity?

National music helps identify a culture, as well as educating other countries about a certain culture. The influence of globalization on national music creates a reaffirmation of one's own culture. National Music can lead to competitions on a world stage that can promote unification.

How do concerts affect the economy?

The study also found that concerts generate $55.2 billion in direct spending each year in the U.S., including venue operational spending covering show production costs and concert attendee before- and after-show spending, bringing in nearly $9.3 billion in federal and $8.3 billion in state and local tax revenues.