8 March, 2017Print
NY Is Music Applauds New Study Establishing NYC as World's Largest Music Ecosystem
The Mayor's Office of Media and Entertainment (MOME) has today released the findings of a comprehensive study of NYC's music industry. The report, conducted by Boston Consulting Group, found some eye-popping results:
* NYC's music industry supports 60,000 jobs, $5 Billion in wages, and $21 Billion in economic output
* Music related jobs and wages are growing at a faster pace than the rest of the City's economy
* NYC far outpaces other cities for live music ticket sales, music industry wages, and music related digital start-ups
Since its founding in 2014 by Justin Kalifowitz, CEO of Downtown Music Publishing (who we represent), and William Harvey Studio's William Harvey, NY Is Music has been advocating for a city or state level study of the industry and is pleased that MOME Commissioner Julie Menin and her team recognized the need, and made this report a major priority.
The study establishes New York as one of the largest--if not the largest--music ecosystems in the world, and provides incredible data to support NY Is Music's broader cause.
New York has long been a magnet for creativity, serving as a prime breeding ground and market entry point for the most popular music in the world. This has resulted in far reaching social, cultural and economic benefits for New Yorkers across all five boroughs.
As the music industry continues to evolve, NY Is Music believes it is critical that the City understand its impact, quantify its contributions, and utilize this data to best respond to the challenges and opportunities ahead - particularly as it relates to the creative process.
With music now formally in MOME's portfolio, NY Is Music is thrilled to see MOME providing a much needed entry point for the industry to engage with local government and collectively find ways we can build from here.
Let us know if you want more information about Downtown Music Publishing, Justin Kalifowitz, or NY is Music.
About New York is Music:
New York Is Music was conceived in early 2014 by William (Bill) Harvey (William Harvey Studio) and Justin Kalifowitz (CEO of Downtown Music Publishing), who are concerned that New York State's position as the epicenter of the global music business has diminished. The coalition seeks to increase awareness of the music industry's economic impact; advocate for local and state initiatives that retain and grow jobs; promote music education; and support the preservation of New York's rich multicultural musical heritage. The coalition is comprised of 180 members, including organizations, companies and individuals which represent thousands of music industry professionals.
About Downtown Music Publishing
Founded in 2007, Downtown Music Publishing is one of the world's leading rights-management firms, headquartered in New York with offices in Nashville, Los Angeles, London, Amsterdam and Tokyo. The company's catalog spans over seven decades of popular music, encompassing some of the world's most beloved songwriters and artists including The Beatles, John Lennon & Yoko Ono, The Kinks, Cy Coleman, Hans Zimmer, Bruce Springsteen, Mötley Crüe, Social Distortion, One Direction, Benny Blanco, Sturgill Simpson, and Carla Bruni. The company's technology platform, Songtrust, powers global royalty collection from over 100 countries and more than 20,000 unique income sources worldwide.