March 2024 | Industry Economics
The U.S. Music Industries: Jobs & Benefits | Economists Incorporated
Robert Stoner and Jéssica Dutra of Economists Inc. prepared a report on the music industry’s contribution to the United States economy. The report finds the music industry creates $170 billion in value annually to U.S. GDP, supports 2.47 million jobs across a wide range of professions, and accounts for $9.08 billion in export sales. Revenues in the music industry are found to have a 1.5x multiplier on the broader economy, and there are 236,269 music related businesses across the country. Additionally, the report provides individual economic impact data for all 50 states and the District of Columbia.
Source: Robert Stoner and Jéssica Dutra, Economists Incorporated