New York City sponsored a study that shows it has the world’s largest music ecosystem.
A new study published by the Mayor’s Office of Media and Entertainment (MOME) highlights the role New York has played in the music industry. The Boston Consulting Group’s study identifies New York as the home of the largest and most influential music ecosystem.
Turns out that New York supports nearly 60,000 jobs and accounts for roughly $5 billion in wages. The Big Apple also generates a total economic output of $21 billion. The study locates four major pillars as the reason why New York sustains a strong music ecosystem: mass music consumption, the global record business, infrastructure and support services and last, but not least local artist communities.
This four pillars directly generate approximately 31,400 jobs, $2.8 billion in wages, and $13.7 billion in economic output.
Moreover, according to MOME, New York City “outperforms national trends.” While the nation sees an overall decline in record business jobs, NYC has experienced a 2% growth per year. Music related jobs and wages also outgrew the local city’s economy.
Per BCG, the strength of the city is due to “the presence of so much local talent.” Yet, the report outlines clear opportunities for the local government to strengthen NYC’s worldwide music industry lead. It states the local city government could: create more performance opportunities for local artists, support local artist communities, increase the economic impact of mass music consumption and expand the presence of digital music services.
With the support of local government, NYC could continue to “foster a brighter future.”