Economic Benefits of Music: How the Music Industry Benefits a Nation’s Economy
Creative art is one of the biggest industries in the world. A fundamental part of this industry is music. Music can be found in every aspect of our daily life. It is a universal culture for all societies. People listen to music while driving, learning, relaxing, cooking, or doing any other routine activity of the day. Music can greatly affect the economy of a country in a very positive way. The entire music ecosystem offers significant social, cultural, and economic advantages and benefits.
Jobs, Jobs and Jobs!!!
Music creates numerous job opportunities for individuals. The production of music requires a lot of activities and personnel. The production process creates an avenue where several people come together to achieve a common goal. Record labels and studios have various work positions such as recording engineers, musicians, music producers, composers, and artist managers who all play distinct roles to manufacture music.
The sale of the music after its production also provides job opportunities. People made a lot of money selling music when they were in the form of CDs. However, in a computer age, where everything is now digital, the market for the sale of music has broadened very much.
Many companies have developed music applications where people can stream and purchase songs online. This has created several job opportunities for people since a lot of technical skill is needed to create and manage those online applications. Many companies have created these music applications and as a result, have hired many people to work for them.
Furthermore, this method has hugely increased the opportunity for musicians to make money from their music. However, royalties, advances, performing live, selling products, and licensing fees are all ways for musicians to generate money.
Even More Jobs
Live events and musical concerts also provide job opportunities for people. The organization of these concerts and performances requires a lot of technical input. These events provide job opportunities for instrumentalists, sound engineers, stage designers, advertisers, and decorators.
Countries generate a lot of income and taxes when these concerts are organized. The majority of the relationship-building needed to improve society takes place during the planning of these events and musical concerts. This is where connections are created between elected officials, employees, volunteers, and interested people, as well as between public and private organizations, government, and neighborhood groups. After these events, people contribute their money, connections, knowledge, and expertise to help improve the economic conditions of society. Governments benefit hugely from registration fees, taxes, exhibition spaces, gift sales, and media copyright sales when they organize music festivals.
Furthermore, music provides numerous lecturing and teaching job opportunities for people who have high musical knowledge.
A Brain and Mind Enhancer
Music as a subject is taught in many educational institutions across the world. This enhances the skill and educational level of the creative art industry in many countries. Students learn many important values for life when they study music. This is because; music enhances their minds, their expressive abilities, and several other qualities.
Learning to read music and playing an instrument is similar to learning a different language. These students graduate from their respective schools and make significant contributions to the economy by taking up careers in the music industry and developing projects to enhance the creative industry.
Music promotes peace in a Country
A very stable economy is always present in a peaceful country. Music can be used as a tool for communicating peaceful messages to the people and to help create moral unity and uniqueness in society. The lyrics of songs can be written in such a way that it creates a dialogue around social vices like injustice and fraud, which negatively affect the economy.
Again, music can be used to create awareness for social concerns such as hunger, homelessness, and global warming. When this is done and the majority accepts the music, these problems and concerns may be given much-needed attention and will be fixed quickly. As a result, a quicker improvement of the economy will be realized.
Music Brings Tourists
Music boosts the tourism sector of many countries. Tourism is an important sector of the economy of many countries. It provides huge income and enables a country to attain international recognition. Artists and people of the music industry may be given international awards and this positively affects the name of the country to which they belong.
Music is celebrated all over the world and most countries have a particular kind of music with which they are identified. Tourists may visit a country because they love their kind of music and want to know more about the culture of that country. During their visit, they usually spend a lot and this on a large scale can improve the businesses of locals of the country.
Economic Benefits of Live Musical Events
Musical concerts and festivals also attract a lot of tourists to a country. Many people travel to watch their favorite artists and bands from different countries perform live. The musical festivals enable young entrepreneurs and artists to launch innovative music, ideas, goods, and services that would not only be viable for the local populace. Attendees of these shows spend money on and off the event grounds, therefore boosting the local economy.
Music shows and festivals also provide free marketing and advertising for local businesses as tourists share their exciting discoveries and experiences, when they go back to their various countries.
In a time where the internet is readily available and used by the majority of the society; if tourists post pictures, videos, and comments about their experiences on social media, it brings a lot of attention to the country and attracts other people to visit.
Some countries have developed extensive music tourism strategies that include music-based branding, advertising campaigns, social media commercials, and investments in music infrastructure, to help attract more visitors to their country.
However, to be able to make these musical concerts and festivals a continuous success, new roads and highways must be built, parks created, public places upgraded, new airports, and maybe better schools and hospitals, to attract many tourists. When this happens, the economic benefits of successful festivals will spread throughout the local economy, resulting in significant growth in the country’s tourism industry.
Biggest Record Music Markets in the World
In order to get a good idea of how important the music industry is to a country’s economy, let us take a look at IFPI’s 2017 music report below. The list below shows how much money the biggest music industries in the world made in 2017.
In 2017 alone, the music industries of just 20 countries combined generated close to 16 billion dollars. These countries are as follows:
- South Korea
- United Kingdom
- United States