A new study for the City of Austin shows how making music hasmade money, which, in turn, has made it hard to make music. Thereport, put together by the Austin-based economic consulting firmTexas Perspectives, says the music business provides 11,200 jobsand generates about $616 million in economy activity and $11million in city taxes. And, it brings in tourists and puts them inhotel and motel rooms.

The music industry also plays a key role in the creative nexusbetween entrepreneurship, technology and the arts that contributesto Austin's singularity. "What appears to set Austin apart frommost other communities is this concentration of creativity," thereport says.

But the economics of the music industry combined with the risingcosts of a growing city cause concern. "Rising rents and houseprices have put pressure on all lower income groups, including themajority of musicians and songwriters in the city," the reportsays. "These pressures have also been felt in the commercial realestate market, further reducing profit margins of club owners wholease their facilities."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.