Music is big business in Texas, report shows.
Well, it might have sounded like one of those unlucky old country songs. But as the music industry comes out of the worst of the pandemic, it’s clear the company has hit very high marks, at least in terms of recorded music.
We don’t have numbers for all of 2021 just yet, but we do know that at the height of the pandemic we were shooting, downloading and streaming like we were hungry for entertainment – which we are.
Streaming was a big money maker in 2020
A report by the International Federation of the Phonographic Industry indicates that the music industry generated $ 21.6 billion in 2020. That’s more revenue than the company has generated since 2002. Most of these revenues came from music streaming.
Some feared that in a struggling economy, we would cut back on our streaming music subscriptions. But with so many other entertainment options taken away from us, we’ve apparently become very protective of our playlists. The IFPI report says the music industry made 18.5% more money from music streaming than the year before.
The Impact of Music on the Texas Economy
But there have also been a lot of struggles for the industry, especially when it comes to lucrative live musical performances. It is important to keep an eye on the music industry in Texas. Beyond the simple value of entertainment and its contribution to the quality of life, music is money… a lot of money in Texas.
According to the 2020 Economic Impact of Music in Texas report released by the Governor’s Texas Music Office, last year the music industry directly and indirectly supported 184,482 jobs in Texas, generated $ 7.375 billion in revenue and generated $ 23.395 billion in total economic activity.