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The music industry as we know it has faced a new set of challenges and experiences in 2020 and is currently preparing to face more of the same in 2021, which is why Exploration and the Nashville Area Chamber spent the last eight months developing market research for the music industry with support from the Country Music Association, Nashville Songwriters Association International, Global Songwriters Connection, Nashville Entrepreneurs Center, Legends Bank and Belmont University. The team hired five student researchers from around the country, interviewed over 75 industry stakeholders, surveyed 2,589 people, hosted three focus groups, and used economic modeling software to forecast recovery and growth scenarios for nine metro statistical areas including Nashville, New York City, Los Angeles, Denver, New Orleans, Austin, Miami, Atlanta, and Memphis. Their intention is to provide data that clarifies the impacts of COVID-19, highlights current trends and predicts future innovation. The Music Industry Report 2020 will be available for free December 10, 2020. Follow this link to sign up to receive the report.

The Music Industry Report 2020 is the first in a series of reports published annually. This year's research updates the Chamber's 2013 Nashville Music Industry Study which received the coveted national 2014 Grand Prize by the Association of Chamber of Commerce Executives and was featured on the cover of Billboard and media publication The Atlantic.

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Related Article: Music Market 2020, Global Industry Analysis, Size, Share, Growth, Trends and Forecast – 2025

The Music Industry Report 2020 serves to illuminate the importance of music and the power of the music industry. It emerges at a time when the world could benefit from greater awareness of how this workforce is struggling amidst the pandemic. It also illuminates that Nashville is not only where the world comes to record and listen to music, but where music comes to do business.

Related Article: New York’s Struggling Music Venues Spotlight the Need for Federal Aid

In times of uncertainty, knowledge is power—that is what the Music Industry Report 2020 intends to provide. Compelling, actionable insights for business leaders, policymakers and music creators to help these groups facilitate their own success into the next decade. This research supports the idea that music and the music industry are cornerstones of our society and economy.