The Music Industry's Powerful Contribution To The U.S. Economy

Music Industry's Jobs & Benefits Report

A new report has been released by economists ROBERT STONER and JÉSSICA DUTRA of ECONOMISTS, INC. for the RECORDING INDUSTRY ASSOCIATION OF AMERICA (RIAA), which provides the latest look at the music industry’s contribution to the U.S. economy. The comprehensive report evaluates pre-pandemic data and documents music’s ability to drive job creation and economic growth, especially as the country’s pandemic recovery efforts gets underway.

According to the report, the music industry contributes $170 billion to U.S. GDP annually, and supports 2.5 million jobs nationwide in core music activities like recording, streaming and live performance, as well as adjacent fields like travel, retail and marketing. As an export, music generates $9.1 billion in foreign sales annually. And, for every dollar created by music activities, an additional 50 cents is created in adjacent businesses or fields, illustrating that music consistently performs above its economic weight with a 1.5 times revenue multiplier.

RIAA SVP/Research and Economics JOSH FRIEDLANDER said, “This data provides an important pre-COVID benchmark of the music economy that will guide us as we determine what a return to ‘normal’ must include. It also charts a course for state and federal policymakers to leverage music’s ability to produce strong economic growth and high-paying domestic jobs.”

Click here for the U.S. Music Industries: 2020 Jobs & Benefits Executive Summary and Report.

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