Fort Worth, Texas, USA
Client Visit Fort Worth
Project Economic Impact assessment of a music ecosystem
Year 2023
CHALLENGE
In 2017, Fort Worth was designated the first Music Friendly Community in Texas by the Texas Music Office. To provide city officials with data to back up that title, Visit Fort Worth launched an economic impact study of the city’s music industry in 2019. To lead this initiative, Visit Fort Worth selected Sound Diplomacy to deliver an economic impact analysis report of Fort Worth’s music industry, providing a complete picture of the economic value of the music sector to the city.
strategy
Sound Diplomacy was tasked with conducting an updated economic impact study for Visit Fort Worth to:
Identify the strengths and weaknesses of the music ecosystem value chain in Fort Worth.
Determine areas where improvements can be made to better support the sector's growth.
Provide data and insights to inform policy decisions related to the music industry in Fort Worth, such as investment in infrastructure and workforce development.
Raise awareness of the music industry's importance to Fort Worth's economy and promote the sector's growth and sustainability.
Building on the previously successful collaboration between Visit Fort Worth and Sound Diplomacy, in addition to the updated economic impact study, Sound Diplomacy surveyed the local music ecosystem in Fort Worth and mapped its music sector assets. This analysis was conducted to provide an up-to-date assessment of the economic contribution of the music industry in Fort Worth, including the number of jobs created, the amount of revenue generated, and the overall economic impact on Fort Worth's economy.
Findings & outcomes
By collecting updated economic impact data and surveying local creatives, organizations and music fans, Fort Worth is taking steps to invest in its music ecosystem and recognize its value. Economic data allows decision makers to better understand the true impact of music in Fort Worth, while mapping data allows them to see what assets they have, defining the value chain and identifying strengths and gaps in the current ecosystem.
When including direct and indirect effects, the results of the economic impact showed that Fort Worth's music ecosystem generated and supported a total of 6,018 jobs (1.39% of the local employment), representing a total output of $531.0 million and a total Gross Value Added (GVA) of $333.3 million. Updated survey data allowed Sound Diplomacy to pinpoint strengths (Fort Worth's live music scene), opportunities (room for development of the intermediate sector) and challenges (generating sufficient income from music). Visit Fort Worth is taking the findings of this work and sharing them with key stakeholders in the music ecosystem.
