THE BUSINESS OF MUSIC: A POST DEDICATED TO PRINCE ON THE ANNIVERSARY OF HIS DEATH

Did you know that California State University at Northridge  (CSUN) is a big supporter of the arts?  It is!  CSUN not only provides education within arts and  entertainment, it helps support the Valley of the Performing Arts Center and 88.5 fm KCSN through the office of advancement at CSUN.

The Music Industry

Some of you may know that the music industry helps to sustain the southern California economy, and the US economy in general.   To support this statement, see the table displaying various music industry reports, as noted by IBIS WORLD, below.

Music Industry Reports at a glance displaying ross revenue and profit in the US.

Gross revenue per year (not including many tertiary businesses such as telecommunications, equipment manufacturing, and more) totals roughly $43.3 billion within the US annually.  Profit rounds out at roughly $3.5 billion per year within the US, excluding several music sectors as mentioned.

The Importance of the Figures

The take-away is two-fold. 1) Arts education is critical to remain competitive within the music industry and 2) the music industry is a healthy contributor to the US economy.  Based on the overview of the figures, investment in arts and entertainment education is a driver of the the local Los Angeles economy and the US economy as a whole.

CSUN’s Musical Legacy

Beyond offering education within the arts, CSUN also offers a graduate degree specializing in Music Industry Administration.  Our own Director, Professor Franck Vigneron, of the Wells Fargo Center for Small Business & Entrepreneurship instructs MBA students in the MIA program.  Business students with a penchant for the arts: be encouraged!

We offer today’s blog post as a celebration of the life of Price, who passed 1 year ago today.  Thank you for the music.

Sources: IBIS WORLD – THE OVIATT LIBRARY and HUFFINGTON POST

Author:Robin Yerian.  Robin studies Marketing and Business Administration at California State University, Northridge.  She has received an honorable mention for her secondary research regarding the millennial generation in association with the national American Marketing Association case competition for eBay in which she provided consumer insights.  Robin is the student assistant responsible for managing client relationships, communications, and social media for the Wells Fargo Center for Small Business & Entrepreneurship at CSUN.

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