Our Story: You Can Bank On Music
During the most recent recession, Austin managed to post 10% growth. Incredibly, the city’s creative sector did even better, growing by 25%.
According to a study published in spring 2012, Austin’s creative sector contributes just over $4.3 billion annually to the local economy. Of that total, nearly $1.7 billion (38.1%) is from live music and music tourism, not counting the additional economic impact of non-profit live music organizations.
Austin’s upward cycle of growth is the result of an interconnected network of micro-economies. An investment in our city’s live music scene pays off 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.
Put another way, artists and musicians are often among the first invest in and lift up distressed areas, which – as the neighborhood becomes more interesting – begin to attract entrepreneurs, young professionals, and those seeking a vibrant cultural experience close to home. And as those individuals begin to move in to a neighborhood, making their own investments, property values increase and new businesses and amenities are attracted to that district.
However you choose to look at it, the message is clear: Live music in Austin is a sound investment.
In the past, of this economic network’s component parts, the Austin music community was conspicuously lacking a unified voice for its issues, a watchdog for threats to its survival, and a vision for its future.
Austin Music People is that voice.