Although the city of Detroit has declared bankruptcy, its music industry may be picking it back up. With a value of One Billion Dollars, the Detroit Music Industry can be prideful in its independent rap scene, being the cause of most of the revenue, Hit the jump for more details!
The Independent rap scene in Detroit has been gaining the city much revenue within the past couple of years. The home to some of today’s best hip hop artists including: Eminem, Big Sean, Royce Da 5’9, Danny Brown, Doughboy Cashout can all be proud of their cities’ music scene, being one of the largest industries creating revenue for the city.
“Despite a bankruptcy filing by the local city government, a study conducted for the business journal, Crain’s Detroit Business by Anderson Economic Group LLC, inventoried the number and types of music businesses and employees in Southeast Michigan found about 6,000 people employed in the local industry, earning a total $162.5 million in 2012. The number of establishments in the industry came out to be 486, with an average of 12 workers per establishment and total sales volume of $1.15 billion”
“In addition to recording studios, the team also looked at bars and restaurants that host live music and music education. The biggest business category by employment size was by far the music venue category, with 3,500 workers, followed by music schools, which had 800 employees. Music supply stores and the artists themselves were other categories with substantial representations”
Howard Hertz a popular go to lawyer within the Detroit musci industry declared that the numbers “sounded about right” and assures all that artists are not lacking the resources they need in order to embark their career such as studios and talent. They are lacking more management for artists, such as agents and major label reps.
“Patrick Anderson, CEO of AEG also thinks the value of the industry is also driven by the value of the area’s brand — something that’s easy to forget about. “Music is part of Detroit’s brand. It’s easy for us here in Michigan to forget, but if you go to Europe or Asia and have a Detroit D on your shirt, they have a recognition that’s sometimes deeper than we have.””
As long as there’s a continuing passion and hunger for music within the Detroit area it seems like they will never go broke!
Via AHH
