Report about New York’s music industry

The Mayor’s Office of Media and Entertainment (MOME) has released the findings of a comprehensive study of NYC’s music industry. The report, conducted by Boston Consulting Group, found some eye-popping results:
* NYC’s music industry supports 60,000 jobs, $5 Billion in wages, and $21 Billion in economic output
* Music related jobs and wages are growing at a faster pace than the rest of the City’s economy
* NYC far outpaces other cities for live music ticket sales, music industry wages, and music related digital start-ups

Since its founding in 2014 by Justin Kalifowitz, CEO of Downtown Music Publishing (who we represent), and William Harvey Studio’s William Harvey, NY Is Music has been advocating for a city or state level study of the industry and is pleased that MOME Commissioner Julie Menin and her team recognized the need, and made this report a major priority.

The study establishes New York as one of the largest–if not the largest–music ecosystems in the world, and provides incredible data to support NY Is Music’s broader cause.

New York has long been a magnet for creativity, serving as a prime breeding ground and market entry point for the most popular music in the world. This has resulted in far reaching social, cultural and economic benefits for New Yorkers across all five boroughs.

As the music industry continues to evolve, NY Is Music believes it is critical that the City understand its impact, quantify its contributions, and utilize this data to best respond to the challenges and opportunities ahead – particularly as it relates to the creative process.

With music now formally in MOME’s portfolio, NY Is Music is thrilled to see MOME providing a much needed entry point for the industry to engage with local government and collectively find ways we can build from here.

Source: Boston Consulting Group
Image license: Creative common