Economics and the Music Industry

 Economics in the Music Industry

Jameson Janoska

There are many factors that can help an economy become stronger, and one of those things is the music industry. It can help boost the economy in many different ways, for example, it can help push forward artistic and cultural growth, and it can help create more jobs. It’s common knowledge that economics is the production and consumption of goods and services, so music is an important factor to our economy. It provides us with music, which is classified as a good, and a music-streaming app, which is a kind of service. 

One way the music industry affects the economy is pushing artistic and cultural growth forward. Music is a form of art, and with all of the new genres, subgenres, and sounds that have been created over the years the industry has been able to move forward because the sounds have been changing, so people haven’t gotten sick of listening to the same kinds of music for the last 20 years. The constant change in music over the years has kept people on their toes for new kinds of sounds and music, which helps the economy because different sounds can come from different cities all over the country that can help promote music when it releases to increase the sales.

When making music, there are a lot of parts to play in helping create the song, which creates a lot more jobs to help the economy grow. In the process of making a song, you obviously need the artist to make the song, and most of the time there will be a producer to make the instrumentals of the song. The artist then sends the song to a recording engineer, who edits the track to make it sound smooth and good by editing the artists voice to make it fit better with the instrumentals. A few other big parts in the music industry are the artist and tour managers, these positions help bring new opportunities to the musical artist, whether it’s a concert at a festival or it’s an opportunity for business, like an advertisement or collaboration. There are many more jobs that are involved in the music industry, and that is a great thing for helping our economy grow.

The music industry can help the economy grow in many different ways. It helps with pushing artistic and cultural growth forward and it can help with the creation of more jobs. 

Works Cited

“Uncommon Ways the Music Industry Affects the Economy.” Omari MC, 12 July 2018, https://www.omarimc.com/uncommon-ways-the-music-industry-affects-the-economy/. 

Terrill, Amy. “How Cities Benefit from Helping the Music Industry Grow.” World Intellectual Property Organization, Sept. 2015, https://www.wipo.int/wipo_magazine/en/2015/05/article_0009.html. 

“Top 10 Careers in the Music Business (and How Much Money You Can Make).” Berklee Online, 29 Jan. 2021, https://online.berklee.edu/takenote/top-10-careers-in-the-music-business-and-how-much-money-you-can-make/.