|Austin City Limits Music Festival, 2009. Photo by|
Steve Hopson at en.wikipedia via Wikiemedia Commons.
While many communities struggled to maintain a strong economy during the recent recession, Austin managed to grow its economy by 10%, thanks, in part, to its live music scene. A 2012 study showed that Austin’s creative sector contributes just over $4.3 billion a year to the local economy, and about 38% of that amount comes from live music and music tourism alone.
So how exactly does live music keep Austin’s economy strong and growing? According to Austin Music People (AMP), an organization that acts as the voice of the Austin music community, investing in Austin’s live music scene is a smart move because it not only pays off but comes with compound interest:
Music feeds the city, which feeds the talent pool for businesses, which in turn feeds residential growth and demand for goods and services.” - Austin Music People
The Austin music scene also creates jobs and brings in tourists, especially with events like the Austin City Limits Music Festival (ACL), South by Southwest (SXSW), and Fun Fun Fun Fest (FFF). According to an AMP white paper released in February 2013, ACL, SXSW, and FFF alone bring in $106 million, $190 million, and $27 million, respectively.
So the next time someone tells you that you’re not contributing to your community by playing your drums, or any other instrument, you can continue creating and playing music knowing that doing so is not only helping Austin’s economy but driving it. Feel free to share AMP’s February 2013 Fact Sheet to anyone who disagrees.