Music Economy
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FORT WORTH MUSIC ECONOMY EXECUTIVE SUMMARY February 2021 1 INTRODUCTIONS INTRODUCTIONS SOUL OF THE CITY MUSIC CITIES Shain Shapiro and his Sound Diplomacy team introduced I began my work on music cities in London, helping the us to a larger world. They have a vision for helping cities mayor’s office support our network of performance create music-driven night-time economies that are good venues. Through that I discovered that music can play a for tourism, business and all those who live here. big role in economic development, especially if we look at our night-time economy and all that entails. Music sets a vibe and a tone for In 2019, Visit Fort Worth asked Sound Music played a big role in Fort how we market Fort Worth. Since Diplomacy to consider our music Worth’s history. And music has Now through our company Sound The Hear Fort Worth music launching Hear Fort Worth in 2016, industry and help point us to the always had special meaning for me. Diplomacy, we are helping hundreds association has done important we have supported countless future. They provided the first-ever Raising my kids in Fort Worth, we of cities unlock this potential. work to rally and promote the artists by providing travel grants, map of our local music economy and have discovered music together at For every Nashville, New Orleans local industry. Now more support hiring them for events and using a measure of its impact. And when the Botanic Garden, at Billy Bob’s and Austin there is a Fort Worth, is needed to ensure all aspects their music in our advertising. COVID-19 delayed this final report, Texas and at Bass Performance Hall. Memphis or Huntsville with just of the industry recover and Shain and his team gave us invaluable Now it is time to take the next step. We must work together to as much opportunity to support grow. Not just live performance advice about how to advocate for ensure its future. This report and leverage this business. but also music education to musicians and the greater industry. inspire the next generation. from Sound Diplomacy outlines When I visited Fort Worth several Challenged by COVID-19 but not important ways to do that. years ago, I was impressed with This report contains the first real defeated, our local music industry Bob Jameson the breadth of genres and the study of the music industry in Fort needs all our support more than ever. President and CEO growing network of music venues Worth and our recommendations for They have survived through virtual Visit Fort Worth – from Dickies Arena to intimate growth. My team and I look forward content and pumping out new music. stages. But the smaller locations to continuing this work with you. But it’s time to plan for a return to are vulnerable to encroaching Shain Shapiro PhD live performance and ways to grow development without proper sound Founder and Group CEO the industry here, including recording ordinances to protect them. Other Sound Diplomacy studios and mid-sized venues. policies are needed, including guidelines to ensure consistent compensation for musicians. All Photos Courtesy of Visit Fort Worth, unless stated otherwise. 1 2 ABOUT THE PROJECT Fort Worth music is worth investing in for the future. In Fort Worth, music is a visible and celebrated part of the city’s past, present and future. From opera performances at the polls on election day to the need addressed by CARES Act funding allocated for venue relief; music in Fort Worth is both a foundation for identity and a springboard for its competitive edge. But timing is everything. While music was already important As a result of the pandemic, To bring the greatest benefit, music and touring opportunities. To 1 Westcott Grant, Kristin (2020) “The Future of 6 Financial Times (2020) “Sofa rockstars’ help to Fort Worth in early 2020, as musicians in Fort Worth are losing must be assessed, managed and continue these efforts, Visit Fort Music Streaming: How COVID-19 has Amplified instrument sales hit the high notes in lockdown”. Emerging Forms of Music Consumption”. Online at https://www.ft.com/content/dfdd70c3- the year fell into the pandemic, livelihoods and live music is in evaluated like all other forms of Worth worked with Sound Diplomacy, Online at https://www.forbes.com/sites/ 8402-4e8d-8680-c4d061c191fc accessed 20-1-2021 we saw a global sense of urgency distress. But we all need music. infrastructure. Measurement, upkeep the leading global advisor on kristinwestcottgrant/2020/05/16/the- 7 Texas Music Office (2020) “Music Friendly as the music industry suffered. And, because of the importance and reflection is the foundation of music cities strategies and market future-of-music-streaming-how-covid- Communities”. Online at https://gov. Today, as the global economy of music, Fort Worth looked at a successful music policy. This must development, to assess its status 19-has-amplified-emerging-forms-of- texas.gov/music/page/music-friendly- recovers, we have to rethink and immediate relief efforts and turned be a long-term priority with regular as a Music Friendly community and music-consumption/?sh=5358a0d1444a communities accessed 20-1-2021 accessed 20-1-2021 reshape the role of music and this long-term strategy work into and consistent work to reflect not reestablish itself as a leader of music 8 Heinz, Frank (2019) “DWF Fastest-Growing 2 Hissong, Samantha (2020) “Sales of Instruments culture in our cities, towns and developing systems, structures only the dynamic environment of friendly policies and communities. Metro in US, Fort Worth Moves Up 13th Largest and Music Gear are Soaring. Will Quarantine City”. Online at https://www.nbcdfw.com/ places. In 2020, we all witnessed and policies to facilitate music’s the music industry but the changes Fort Worth is consistently ranked as Spark a Renaissance?” Online at https://www. news/local/dfw-fastest-growing-metro- a world with drastically less live success, protect it and pay for it by Fort Worth is experiencing as a city. rollingstone.com/pro/features/quarantine-diy- in-us-fort-worth-moves-up-13th-largest- one of the fastest-growing cities in music and yet, we also witnessed valuing the work and its creators. music-rennaissance-988394/ accessed 20-1-2021 city/248895/#:~:text=Frisco%2C%20 Fort Worth is a city with a the United States.8 Many of the jobs an increase in live streaming1, 3 Page, Will (2020) “Streaming is Stalling: Can McKinney%20and%20Rowlett%20are,growing%20 Fort Worth is looking to reimagine the competitive music edge for taking being created are within the service instrument purchases2 and new Music Keep Up in the Attention Economy?” cities%20in%20North%20Texas accessed 9-1-2021 role of music and culture in recovery this step to invest in a future that industry, which is expected to make Online at https://www.billboard.com/ 9 City of Fort Worth (2018) “Comprehensive music being uploaded online.3 – one where the music industry builds on its long-celebrated musical up almost half of all jobs by 2045.9 In articles/business/9500546/streaming- Plan, Chapter 2: Economic Trends”. Online at We saw a need for diversifying is active, resilient, economically heritage in order to build a better, part, this influx of population means music-growth-stalled-factors-attention- https://www.fortworthtexas.gov/files/assets/ economy/ accessed 20-1-2021 viable and contributing socially for more resilient music industry. And a diversification in workforce and public/planning-data-analytics/documents/ revenue streams for music by 4 Gilbert, Iain (2020) “Liberum Raises Target Price comprehensive-planning/pdf-adopted/02_ witnessing how recession proof all citizens. To do that, Fort Worth it is not only worth this investment audience that needs to be reflected on Hipgnosis Song Fund”. Online at https://www. economictrends.pdf accessed 9-12-2020 music rights can be. One of the needs to think about music and for its music industry, the current in its identity. This is an exciting sharecast.com/news/broker-recommendations/ world’s largest investment funds culture differently. By studying what reality begs for it and the building opportunity to realize Fort Worth’s liberum-raises-target-price-on-hipgnosis-songs- for music rights has increased has been done before, what has blocks are already in place. full potential as a music city. fund--7592265.html accessed 20-1-2021 during the pandemic, achieving an worked and what has not and how, 5 Kalyani (2020) “Global Music Streaming Market Fort Worth was the first city in Texas The timing of this study and Share, Growth Rate, Sales Value and Industry annualized 4.2% yield.4 The music Fort Worth can create a better music to be granted the Music Friendly resulting recommendations could Production Volume by 2025”. Online at and creative economy remained and cultural ecosystem that works for Community title7 in 2017. This title not have been more crucial to https://thedailychronicle.in/news/426077/ robust, despite the pandemic everyone. It can create a better music global-music-streaming-market-share-growth- is a proud achievement recognizing the music industry, as this work and there’s more growth on the community and creative economy. rate-sales-value-and-industry-production- a city steeped in a rich history of progressed during the COVID-19 horizon. Music streaming is forecast But it requires commitment to bold volume-by-2025/ accessed 20-1-2021 country music that is constantly pandemic. Because of this, Sound to grow by 19.8% in the next five policies, leadership and partnership. evolving and diversifying in modern Diplomacy was able to witness and years.5 And people want to be times.