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Nashville's Music Industry - An overview

R.Dilara Cumhur
R.Dilara Cumhur

A detailed overview of Nashville's music industry, current challenges and how the city can improve its potential by benefiting from triple bottom line (people, planet, profit) strategy and develop more sustainable business perspective to foster creative economy. Opportunity statement: How can Design Management be used to maximize profitability along with considering human factors and environmental sustainability? Pratt Institute Money & Market - Final Project (2014) Team: Rabia Dilara Cumhur, Andres Gutierrez, Emine Arikan

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NASHVILLES MUSIC INDUSTRY E M I N E A R I K A N D I L A R A C U M H U R A N D R E S G U T I E R R E Z
M A R K E T O V E R V I E W TOP RANKING IN THE MUSIC INDUSTRY 1. USA 2. JAPAN 58% 3. UNITED KINGDOM 4. GERMANY 25.1 OF THE MARKET IN DIGITAL SALES IT TOTALED $2.60 BILLION 23.1 22.4 21.8 21.1 19.5 18.1 16.9 15.9 15.7 15.6 15 GLOBAL REVENUE OF THE MUSIC INDUSTRY FROM 2002 TO 2013 U.S. MUSIC INDUSTRY REVENUES 40% 35% 3% 21% 1% Source: RIAA Digital Downloads Physical SynchronizaMon SubscripMon & Streaming Ringtones & Ringbacks
I N D U S T R Y O V E R V I E W MUSIC IN THE US
N A S H V I L L E
H I S T O R Y 1950s MEDIA CENTERS WITH LONG HERITAGE DRIVEN BY THE CONCENTRATION OF SONGWRITERS AND PRODUCERS MUSIC ROW: THE HUB OF MUSIC PUBLISHING & LICENSING HIGH GLOBAL RECOGNITION CULTURAL CHARACTERISTICS HIGHLY PROFESSIONAL, VARIOUS SPECILIZATIONS & FESTIVALS
O V E R V I E W ENTERTAINMENT CLUSTER
T R E N D S & C O M P E T I T O R S
T R E N D S OTHER PLATFORMS CROWDSOURCING BRANDFUNDING MOBILE 360 DEAL ADVERTISING SPONSORSHIP VARIABLE PAY-MUSIC
C O M P E T I T I O R S 35 30 25 20 15 10 5 0 COMPARATIVE MUSIC INDUSTRY CLUSTER EMPLOYMENT NASHEVILLE L.A NEW YORK
C O M P E T I T O R S 160 140 120 100 80 60 40 20 0 COST OF DOING BUSSINES NASHVILLE L.A NEW YORK
R E G U L A T I O N S
I N D U S T R Y & R E G U L A T I O N S ROYALTIES MECH. PERF. SYHNC. 90 % to labels 10 to 14 times more to labels 50/50
I N D U S T R Y & R E G U L A T I O N S SONGWRITER EQUITY ACT AN ACT DESIGNED TO ENCOMPASS COMPOSERS AND PUBLISHERS TO EARN A FAIR COMPENSATION FOR THE USE OF THEIR INTELLECTUAL PROPERTY. THE ACT IS AIMING TO PUT MECHANICAL AND PERFORMANCE ROYALTY RATES IN LINE WITH FAIR MARKET RATES.
S U S T A I N A B I L I T Y & E C O N O M Y
CV S U S S T T A A I I N N T T A A B B I I L L I I T T Y Y & & E C E O C N O O N O M Y M Y 10 BILLION $ USD ANNUAL ECONOMIC IMPACT IN NASHVILLE REGION MUSIC INDUSTRY CLUSTER JOBS PER 1,000 WORKING-AGE POPULATION (AGE 20-64) BY METROPOLITAN AREA
O V E R V I E W $72,751 $35,072 $104,560 $[VALUE] $47,007 $74,992 $[VALUE] $44,850 $45,433 $46,725 $50,027 $150,000 $100,000 $50,000 $0 NASHVILLES MUSIC INDUSTRY GENERATED REVENUES 2012 Musical instrument Manufacturing Musical Instrument supply stores Compact disc, tape and record stores integrated record reproducMon Record reproducMon Music Publising Sound recording industries Radio Networks Radio StaMons Musical groups and arMst Other sound recording industries 4000 3000 2000 1000 0 NASHVILLES MUSIC INDUSTRY GENERATED JOBS 2012 jobs generated 2012 Musical instrument Manufacturing Musical Instrument supply stores Compact disc, tape and record stores integrated record reproducMon Record reproducMon Music Publising Sound recording industries Record Networks Radio StaMons Musical groups and arMst Other sound recording industries
S U S T A I N A B I L I T Y & E C O N O M Y NASHVILLES MUSIC INDUSTRY HELPS TO CREATE AND SUSTAIN MORE THAN 56,000 JOBS WITHIN THE NASHVILLE AREA LABOR/POPULATION IS HIGHEST IN COUNTRY, x10 MORE ACTIVITY AND x4 EMPLOYMENT COMPARED TO LA, NY. NASHVILLES MUSIC INDUSTRY CONTRIBUTES $10 BILLION TO THE LOCAL ECONOMY. $3.2 BILLION IS FROM LABOR FORCE.
CV S U S S T T A A I I N N T T A A B B I I L L I I T T Y Y & & E C E O C N O O N O M Y M Y -20% ENERGY -40% WATER 845 SOLAR PANELS 360.000 GALLONS RAINWATER GREEN ROOF
O P P O R T U N I T I E S
O P P O R T U N I T I E S NASHVILLE AS THE GLOBAL HEADQUARTERS OF INNOVATION AND PROGRESS IN MUSIC CAPITILIZE ON CHANGING DYNAMICS OF MUSIC MARKET AND CONSUMERS INVEST ON TECHNOLOGY OF MUSIC PRODUCTION NASHVILLE, AS THE CENTER OF MUSIC EDUCATION AND TRAINING REGULATE TRADE OF MUSICAL INSTRUMENTS AND MERCHANDISE REINFORCE MUSIC RELATED POLICY AND PRACTICES
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Nashville's Music Industry - An overview

  • 1. NASHVILLES MUSIC INDUSTRY E M I N E A R I K A N D I L A R A C U M H U R A N D R E S G U T I E R R E Z
  • 2. M A R K E T O V E R V I E W TOP RANKING IN THE MUSIC INDUSTRY 1. USA 2. JAPAN 58% 3. UNITED KINGDOM 4. GERMANY 25.1 OF THE MARKET IN DIGITAL SALES IT TOTALED $2.60 BILLION 23.1 22.4 21.8 21.1 19.5 18.1 16.9 15.9 15.7 15.6 15 GLOBAL REVENUE OF THE MUSIC INDUSTRY FROM 2002 TO 2013 U.S. MUSIC INDUSTRY REVENUES 40% 35% 3% 21% 1% Source: RIAA Digital Downloads Physical SynchronizaMon SubscripMon & Streaming Ringtones & Ringbacks
  • 3. I N D U S T R Y O V E R V I E W MUSIC IN THE US
  • 4. N A S H V I L L E
  • 5. H I S T O R Y 1950s MEDIA CENTERS WITH LONG HERITAGE DRIVEN BY THE CONCENTRATION OF SONGWRITERS AND PRODUCERS MUSIC ROW: THE HUB OF MUSIC PUBLISHING & LICENSING HIGH GLOBAL RECOGNITION CULTURAL CHARACTERISTICS HIGHLY PROFESSIONAL, VARIOUS SPECILIZATIONS & FESTIVALS
  • 6. O V E R V I E W ENTERTAINMENT CLUSTER
  • 7. T R E N D S & C O M P E T I T O R S
  • 8. T R E N D S OTHER PLATFORMS CROWDSOURCING BRANDFUNDING MOBILE 360 DEAL ADVERTISING SPONSORSHIP VARIABLE PAY-MUSIC
  • 9. C O M P E T I T I O R S 35 30 25 20 15 10 5 0 COMPARATIVE MUSIC INDUSTRY CLUSTER EMPLOYMENT NASHEVILLE L.A NEW YORK
  • 10. C O M P E T I T O R S 160 140 120 100 80 60 40 20 0 COST OF DOING BUSSINES NASHVILLE L.A NEW YORK
  • 11. R E G U L A T I O N S
  • 12. I N D U S T R Y & R E G U L A T I O N S ROYALTIES MECH. PERF. SYHNC. 90 % to labels 10 to 14 times more to labels 50/50
  • 13. I N D U S T R Y & R E G U L A T I O N S SONGWRITER EQUITY ACT AN ACT DESIGNED TO ENCOMPASS COMPOSERS AND PUBLISHERS TO EARN A FAIR COMPENSATION FOR THE USE OF THEIR INTELLECTUAL PROPERTY. THE ACT IS AIMING TO PUT MECHANICAL AND PERFORMANCE ROYALTY RATES IN LINE WITH FAIR MARKET RATES.
  • 14. S U S T A I N A B I L I T Y & E C O N O M Y
  • 15. CV S U S S T T A A I I N N T T A A B B I I L L I I T T Y Y & & E C E O C N O O N O M Y M Y 10 BILLION $ USD ANNUAL ECONOMIC IMPACT IN NASHVILLE REGION MUSIC INDUSTRY CLUSTER JOBS PER 1,000 WORKING-AGE POPULATION (AGE 20-64) BY METROPOLITAN AREA
  • 16. O V E R V I E W $72,751 $35,072 $104,560 $[VALUE] $47,007 $74,992 $[VALUE] $44,850 $45,433 $46,725 $50,027 $150,000 $100,000 $50,000 $0 NASHVILLES MUSIC INDUSTRY GENERATED REVENUES 2012 Musical instrument Manufacturing Musical Instrument supply stores Compact disc, tape and record stores integrated record reproducMon Record reproducMon Music Publising Sound recording industries Radio Networks Radio StaMons Musical groups and arMst Other sound recording industries 4000 3000 2000 1000 0 NASHVILLES MUSIC INDUSTRY GENERATED JOBS 2012 jobs generated 2012 Musical instrument Manufacturing Musical Instrument supply stores Compact disc, tape and record stores integrated record reproducMon Record reproducMon Music Publising Sound recording industries Record Networks Radio StaMons Musical groups and arMst Other sound recording industries
  • 17. S U S T A I N A B I L I T Y & E C O N O M Y NASHVILLES MUSIC INDUSTRY HELPS TO CREATE AND SUSTAIN MORE THAN 56,000 JOBS WITHIN THE NASHVILLE AREA LABOR/POPULATION IS HIGHEST IN COUNTRY, x10 MORE ACTIVITY AND x4 EMPLOYMENT COMPARED TO LA, NY. NASHVILLES MUSIC INDUSTRY CONTRIBUTES $10 BILLION TO THE LOCAL ECONOMY. $3.2 BILLION IS FROM LABOR FORCE.
  • 18. CV S U S S T T A A I I N N T T A A B B I I L L I I T T Y Y & & E C E O C N O O N O M Y M Y -20% ENERGY -40% WATER 845 SOLAR PANELS 360.000 GALLONS RAINWATER GREEN ROOF
  • 19. O P P O R T U N I T I E S
  • 20. O P P O R T U N I T I E S NASHVILLE AS THE GLOBAL HEADQUARTERS OF INNOVATION AND PROGRESS IN MUSIC CAPITILIZE ON CHANGING DYNAMICS OF MUSIC MARKET AND CONSUMERS INVEST ON TECHNOLOGY OF MUSIC PRODUCTION NASHVILLE, AS THE CENTER OF MUSIC EDUCATION AND TRAINING REGULATE TRADE OF MUSICAL INSTRUMENTS AND MERCHANDISE REINFORCE MUSIC RELATED POLICY AND PRACTICES