Mayor Bill de Blasio and Media and Entertainment Commissioner Julie Menin announced the results of the first-ever economic impact study of New York City’s music industry. The study, conducted by Boston Consulting Group, found that the sector supports nearly 60,000 jobs, accounts for $5 billion in wages, and generates $21 billion in total economic output for the city. The sector is growing faster than the rest of the local economy: music-related jobs and wages are growing at annual rates of 4 and 7 percent respectively, as compared to 3 and 5 percent in the City overall. The report establishes New York as one of the largest—if not the largest—music ecosystems in the world.
Read the full press release and study here.
“This vital study by the Mayor’s office of Media and Entertainment establishes music’s massive impact on our city’s economy,” said Richard Burgess, CEO of A2IM (American Association of Independent Music). “While the economic impact is essential, there are also New York City’s undeniable cultural contributions to the world through musical genres that evolved here and ultimately developed into cultural movements. A small sample of these would include hip-hop, doo-wop, bebop, Latin jazz, and the folk revival movement of the late ‘50s and early ‘60s. A2IM offers kudos to MOME for adding music to its portfolio and for embarking on a plan to recognize, support, and revitalize New York’s unique music community.”