Be forewarned. The chart is definitely addicting.
BMI, along with other industry partners, has published a new graph and data indicating musicians in the US have a big money pie to target. It doesn’t matter if you’re a known brand or an up and comer. The market share for the industry is huge, and the state I live in has enough revenue churning to fire up the ambitions of any songwriter, performer, or other industry professional. Start with the overall US market–$143 billion in annual value and 2 million jobs.
The new website ’50 states of music’ is interactive. Anyone can take a look at the industry graph and click on his or her state to see what impact the music business has. There’s also information that can help anyone working in the industry. In an announcement on the website, BMI explained the opportunities:
“At the core of this website is new data culled by Steve Siwek of Economist Inc., highlighting how the music industry generates more than $143 billion in annual value into the nation’s economy and creates nearly 2 million jobs. The site also allows users to access information on a more granular level, presenting economic analyses of each state that tallies the number of workers employed in music-related businesses. These state-specific pages also cite pertinent specific detail like local record labels, royalty recipients and songwriters in each state, as well as notable highlights such as prominent area musicians, annual festivals, music schools and conferences.”
Some states are already known for music talent and opportunities, and Florida is one of them.
Siwek estimated the music industry contribution to Sunshine State GDP at $6.93 billion, and the music jobs at more than 14,000. Texas’ figures are similar.
You can have a lot of fun clicking around on the 50 states of music site, and you’ll find links to useful information—festivals, conferences, and other areas of interest. Be forewarned, though. The chart and site are addicting because there’s so much information to dig into.
If you’re working in the music industry in any capacity, this chart gives you an idea of what you can aim for. The overall figures, when it comes to amounts contributed to GDP, suggest that whatever amount you’re earning now from your business can be bigger. The market is vast. That’s a good thing for anyone working in the industry.
(Kay B. Day/May 21, 2019)
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