New York isn’t just the music capital of the world -- its music business generates plenty of capital. That’s the upshot of an economic impact study just announced by Mayor Bill de Blasio and Media and Entertainment Commissioner Julie Menin. The report, by Boston Consulting Group, says that the city’s music business supports almost 60,000 jobs and $5 billion in wages -- and that it drove $21 billion of overall economic value in 2015, the year for which the data was surveyed.
"The point of this report is to focus on what city policies we could enact to create additional opportunities," Menin says. "I thought it was important that we first understood what the music ecosystem looks like because that would help us."
For years, New York City has encouraged film and television production, which provides jobs and stimulates the local economy. (Any tax incentives come from the state level.) But when de Blasio appointed Menin last February, he added music, advertising, and digital media to the portfolio of the Mayor’s Office of Media and Entertainment, which already oversaw film, television and theatre. This summer, Menin began reaching out to the city’s music business with a "town hall" attended by about 75 music executives in various sectors of the business. In a separate but related effort, Menin’s office is in talks with the Recording Academy to bring the Grammy Awards to New York in 2018, a deal that sources say is all but completed.