July 27, 2018
This week we’re looking at music and economic development.
A study from Music Canada in 2013 reported that live music companies generated $628 million in revenue and $144 million annually. The total economic impact of live music to Ontario’s economy is $1.2 billion including 10,500 full time equivalent jobs plus an additional 9,520 tourism related jobs.
5 links on music and economic development
Mastering of a Music City is a report from Music Canada. It says the five essential elements of a successful music city are: the presence of artists and musicians, a thriving music scene, available spaces and places for music, a receptive and engaged audience and record labels and other music-related businesses. Five key roles that economic development agencies can play to stimulate growth in a regional music ecosystem are: catalyst, advocate, operator, educator and promoter.
The Economic Impact of Music Festivals - this article from the Huffington Post says that the local impact for music festivals includes temporary jobs for at the festival itself, work related to the festival for local businesses, extended business hours and the visitor spending for accommodation, restaurants and stores.
Music Newfoundland & Labrador - This organization's mandate is to advocate for the Newfoundland & Labrador music industry, increase awareness of music produced in Newfoundland and Labrador and its impact on the economy and create and encourage opportunities to grow of the industry. Music Newfoundland & Labrador connects musicians with opportunities to perform, create, access funding. It also offers is a music video incubator for emerging artists and producers.
Maximizing the Economic Impact of Music Festivals is the focus in this post from Tourism and More. It provides a checklist of tips including ensuring the type of music offered matches the accommodation and restaurants in your community aligning the festival with the community’s tourism goals and leveraging the festival for positive media attention and community branding.
Windsor-Essex Music Strategy is an example of a music sector economic development strategy. The goals include increasing opportunities for local music artists, providing development tools for a commercially viable and export-ready music business, developing the larger regional music ecosystem, connecting local artists to broader markets and showcasing the region’s diversity.