2020 MUSIC INDUSTRY REPORT


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HOW THE MUSIC INDUSTRY WORKS.

When the music industry is your livelihood... knowledge is power.

100+ experts interviewed. 2,590 people surveyed. 3 focus groups. 225 pages. 8 months. The most comprehensive market research about the music industry ever done.

Publication Date: December 10, 2020

78.7% of small business owners lost revenue since the onset of COVID-19.33.3% dicsover new music from AM/FM radio.67.2% transitioned to remote work; of those, just 36.4% say it decreased their proficiency.68.2% bought music-related merch in 2020. 45.14% online.76.9% feel unprepared for The Mechanical Licensing Collective.50.2% of consumers say a livestream is nowhere near the real experience.50.4% of recording artists have performed 0 times since March 2020.Spotify is the most popular listening option for all age groups surveyed.62.1% of music industry pros have at least a bachelor's degree.

ECONOMIC IMPACT

Overall economic impact of the music industry in the United States in 2020 is $514B which represents an increase of $43B (9.2%) since 2013’s $471B.

WORKFORCE ASSESSMENT

TAKEAWAYS

Looking at the top ten metropolitan statistical areas (MSA) in the U.S. for music industry jobs and job growth, over the ten-year period from 2009 to 2019, the Nashville MSA ranks 1st for net job growth and growth rate.

Overall economic impact of the music industry in the Nashville MSA in 2020 is $8.6B, which represents an increase of $2.6B (43%) since 2013’s $6.1B.

Respondents rank "the inability for artists to make a living wage from their music" #1 among issues they consider most important.Industry professionals overwhelmingly agree that songwriters, recording artist, and backing musicians/vocalists are not compensated fairly for their work.81.9% agree that "A disparity exists between the value listeners get from music and the revenue that creators get for the use of their music".The majority of live music technical operations workers face a choice of either to wait until live music comes back, re-skill and/or leave the industry.48% of music consumers stated they had participated in crowdfunding or donated to another source of supplementary income for artists during COVID-19.Vinyl record sales are outperforming CDs for the first time since the 1980s.Most consumers believe live music will go back to the way it was before the pandemic in 9 months to 1.5 years.Community radio is thriving via regular fundraisers.Much of the licensing structures and royalty payouts to copyright owners remain ambiguous. The MLC is poised to help.


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Financial Planning, Consulting, Banking, Accounting, & Entertainment Law

86.4% were able to transition to remote work. 62.5% are seeing less work due to COVID-19.

Brick & Mortar Retail Operations

84.6% surveyed received a Stimulus Check for $1,200 under the CARES Act.

Music Publishing & Record Label Operations, Sync Licensing, Catalog Admin, Copyright Management

Only 8.0% could not transition to remote work. Unemployment is 25.6% below the survey average.

Live Music, Technical & Operations Occupations

44.3% of those in lighting, audio, and live production have been working in the industry for 21+ years.

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