Hollywood may be known for its bustling film and television scene, but New York City may be a surprise industry leader when it comes to trends, economic impact, and opportunities with regard to music. Based on the number of jobs it creates, the magnitude of the wages paid out, and its enormous economic output based on self-employment receipts and business revenue, New York City has one of the most significant music ecosystems in the world. If you are looking to make it big in New York’s music scene and need assistance negotiating business deals, a music lawyer NYC trusts can help you get there.
According to a report released by the New York City Mayor’s Office of Media and Entertainment and the Boston Consulting Group, there are four major pillars that contribute to New York’s music industry prowess: infrastructure and support services, local artist communities, global record business, and mass music consumption. Together, and with the guidance of an entertainment lawyer NYC trusts, these four components are directly responsible for more than 31,000 jobs, economic output of about $13.7 billion, and wages totaling $2.8 billion. On top of that, the music industry has led indirectly to another 10,000+ jobs, economic output of more than $3 billion, and wages of about $900 million.
Within the music industry, infrastructure and support services include any of the ancillary functions that help drive the business of music production. These auxiliary services include:
While this is the smallest contributor with respect to the number of jobs and amount of wages and economic output in New York City, infrastructure and support services play a crucial role within the region’s music industry. This sector has thrived in New York because of the area’s deep talent pool with regard to both engineering and creative talent.
Local artist communities are the grassroots foundation of New York City’s music industry. The components of this pillar include:
Of the four pillars of New York’s music industry, this one creates the most jobs but generally has the lowest annual wages, even accounting for the big-name musicians who call the city home. However, one of the biggest challenges within the sector is that the small, local performance venues where most musicians begin their careers in the entertainment industry are at risk. Skyrocketing real estate costs, city zoning ordinances, the expenses inherent in running a public venue, and licensing issues have forced many venues to close.
According to an entrepreneur quoted within the New York City Mayor’s Office of Media and Entertainment and the Boston Consulting Group’s report, it costs about $1 million to open a New York City venue that can hold 100 to 300 people, and $5 million to open a venue that can hold 500 to 1,000 people. The costs involved relate to stringent regulatory requirements, construction expenses, and the necessary licensing. A music lawyer NYC trusts can guide entrepreneurs on the steps required to open a small venue where local musicians can showcase their talent.
The global record business comprises the world’s biggest record labels, smaller independent labels, talent agents and managers, promoters, and music publishers. New York City is truly the hub of the global record business, with the International Federation of the Phonographic Industry reporting that five of the top-ten independent labels and two of the three biggest record companies in the world calling the Big Apple their home in 2015.
The Office of Media and Entertainment/Boston Consulting Group survey suggests that New York City has been especially successful in this arena because of its geographic proximity to other major players in the infrastructure and support services segment. Because finance, advertising, and media feature so prominently in New York, it makes it easier for record labels and others that drive music business deals to gain and retain their foothold. An entertainment lawyer NYC relies on can help forge those business relationships and industry synergies.
New York City’s mass music consumption sector is made up of large-scale music venues, concerts and festivals, retail and merchandising, streaming and broadcast, and professional music performance groups. Out of everywhere in the world, New York City sells more tickets to major live musical performances than any other city, including London, Los Angeles, Chicago, and San Francisco, according to Pollstar data.
As the music industry trends toward outdoor venues and festival-style events, New York will also likely support more of these events, which can potentially serve a daily capacity of 50,000 attendees for programming that is multiple days long.
An experienced music attorney’s practice can encompass legal guidance for all aspects of the music business, including the entire lifecycle of the documents and contracts necessary to close and execute deals. Some of the services a seasoned music lawyer can provide include:
Music lawyers can represent a broad spectrum of clients within the industry, including distributors, composers, engineers, sound mixers, music producers, recording labels, music publishing companies, musicians and artists, and songwriters. If you need help with the music business in California, or any aspect of the entertainment industry, the experienced legal team at The Hollywood Lawyer can combine its strategic and commercial savvy with its extensive legal experience to protect your interests and help your business grow.