We know Texans love music, but now we can put a dollar sign on it. The Texas Music Office just released some of its initial findings on a new study of Texas' music scene, and let's just say its got some big numbers.
Texas Music Office Director Brendon Anthony says the office conducted the research to look at how much music contributes to Texas' economy. The first study happened in 2015, and now this update provides some positive context. "It is vital that we continue to measure and report its economic impact," Anthony says in a press release.
So how much money does music bring to Texas? Combined, music business and music education bring in $3.6 billion in annual earnings. They also create 95,000 permanent jobs and $8.5 billion in "annual economic activity."
Those numbers are both up from two years ago, too. In fact, the annual economic activity grew by $1 billion between 2015 and 2017. And the state added 3,000 more music business or education jobs.
And here's the real kicker.
Thanks to what researchers call the "ripple effect," we now know that Texas music's total impact equates to 178,000 permanent jobs, $6.5 billion in annual earnings and $19.8 billion in annual economic activity. It also adds $323 million in tax revenue, a 15% increase from 2015. Economist John Hockenyos headed up the research in both 2015 and 2017.
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Folks both in and outside of Texas know how important music is to the state's culture. But now we're seeing a bigger picture about what it does for the state's bottom line, too.
And as the TMO notes, areas with good music scenes tend to also produce other exciting economic developments. According to the office, "music is a crucial element of 'Brand Texas' that draws visitors from across the globe." And creativity is a competitive advantage in attracting business.
In other words, cool people start cool companies in places where they can go out and enjoy some cool music at night. And Texas delivers.
