Well, it could’ve gone like one of those old hard luck country music songs. But as the music industry emerges from the worst of the pandemic, it is clear that the business has been hitting some very high notes, at least in terms of recorded music.
We don’t have figures yet for all of 2021, but we know that in the height of the pandemic, we were spinning, downloading, and streaming like we were starving for entertainment -- which we were.
Streaming was a money maker in 2020
A report from the International Federation of the Phonographic Industry says the music industry made $21.6 billion in 2020. That’s more revenue than the business has generated since 2002. Most of that revenue came from music streaming.
There had been some concern that in a struggling economy, we might cut out our music streaming subscriptions. But with so many other entertainment options taken from us, we apparently got very protective of our playlists. The IFPI report says the music biz made 18.5% more money from music streaming than it did the year before.
Music's impact on the Texas economy
But there have also been plenty of struggles for the industry, especially when it comes to lucrative live music performances. It is important to keep tabs on the music industry in Texas. Beyond just the entertainment value and its contribution to quality of life, music is money…big money in Texas.
According to the 2020 Economic Impact of Music in Texas report put out by the governor’s Texas Music Office, the music industry last year directly and indirectly supported 184,482 Texas jobs, generated $7.375 billion in earnings, and drove $23.395 billion in total economic activity.
