RIAA 2024 Music Job & Benefits Report Shows Contributions To Economic Growth

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The Recording Industry Association of America (RIAA) has released a new report, conducted by Secretariat Managing Director Robert Stoner and Director Jéssica Dutra, that reflects data provided by independent labels, performing rights organizations (PROs), independent venues, music museums and other organizations across the nation.

This report uses the latest consolidated data available at this scale and covers periods both before and after the onset of COVID in March of 2020.

According to the data shown, the music industry has contributed $212 billion to the Gross Domestic Product (GDP) (5.7% annually from 2017–2020) and accounts for 2.5 million jobs. The report’s state-by-state breakdown seeks to provide a closer look at how recorded music is a driving force within the broader ecosystem from venues, festivals, brick-and-mortar stores, digital platforms to artists, songwriters, music schools and more.

Chart Graphic: Courtesy of The U.S. Music Industries Jobs & Benefits: The 2024 Report

The top six states for each of the relevant measures (earnings, employment and value added) consist of California, Florida, New York, Pennsylvania, Tennessee and Texas.

In California, music contributed more than $51.4 billion as fans flocked from Coachella to the Troubadour, two of 80,433 notable music establishments, and 416,802 students expanded their talents across the state. Latin, pop and southern rock fuel the Florida scene, which supports 169,706 jobs and adds $9.3 billion to the U.S. GDP. New York generated $24.9 billion in music industry value in 2020, resulting in 1.3 times the rate that music contributes to U.S. GDP and adding 210,878 jobs to the market.

With 114,731 jobs supported and 6,715 royalty recipients, Pennsylvania brings $6.3 billion to U.S. GDP. Home to 74,289 songwriters in Nashville, Memphis and cities in between, music industries hit $7.5 billion and contributed nearly twice as much to Tennessee’s GDP (1.7%) as the national average (0.9%). Beyond Austin City Limits (ACL) Music Festival, Texas hosts 127,993 songwriters and pumps $26.6 billion into the economy.

To read the full report, click here. For RIAA Chairman & CEO Mitch Glazier‘s perspective on the findings, click here.

Liza Anderson
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