01/11/2024
How Important Is the Music Industry to U.S. GDP?
The overall U.S. music industry is said to have achieved a GDP of $211.8 billion in 2020 – 0.9% of the broader economy’s nearly $24 trillion GDP and a roughly 18% boost from 2017.
Not bad for a Covid year.
Predictably, California led the pack kicking in $51.4 billion in 2020 music industry GDP. New York followed with $24.9 billion, the report shows, as Florida placed third ($9.3 billion) thanks to Latin music growth, Texas took the fourth spot ($8.2 billion), and Tennessee rounded out the top five ($7.5 billion).
Shifting to U.S. music industry employment specifics, the sector is said to have “supported,” both directly and indirectly, 2,539,280 jobs as of 2020 – a jump of 373,737 from 2017.
Who benefited the most from the growth? Interestingly and unexpected for me, it was the manufacturers of musical instruments, audio and video equipment, and music software achieved the largest cumulative boost across 2017 and 2020, 43% to $8.26 billion, per the report.
It says something about the impact of technology on the music industry.
A new report has revealed the United States' music industry GDP as well as a variety of employment and state-level figures.