Every Dollar Earned by Music Biz Generates Another 50 Cents for US Economy: Study

The U.S. music industry’s total impact on the country’s economy grew to $170 billion in 2018, generating an additional 50 cents of revenue on every dollar earned for adjacent industries such as tourism, hospitality and marketing, according to the RIAA’s new economic impact report. Music industry revenues in 2018 were $113 billion — of which employee earnings were over $88 billion. Directly and indirectly, “total music supported employment” rose from 2.08 billion in 2015 to 2.47 billion in 2018, according to the report. The study will be firepower for rights holders and trade groups seeking assistance from Congress. It, “…charts a course for state and federal policymakers to leverage music’s ability to produce strong economic growth and high-paying domestic jobs,” said Josh Friedlander, SVP of Research & Economics at the RIAA.

Click here to read more from Billboard.