Music industry still underestimated
At 7.5 billion euros, the Austrian music industry is the country's third strongest sector in terms of value added and accounts for 2.8 percent of GDP.
The new study "Value Creation of the Music Industry in Austria 2024" shows that around 117,000 jobs are directly and indirectly linked to the Austrian music industry - that is as many jobs as in the entire mechanical engineering sector and significantly more than in the IT or financial sector. It generates fiscal effects amounting to 4.35 billion euros, or around 2.8 percent of Austria's GDP.
The study was commissioned by the Austrian Film and Music Industry Association, the Association of the Austrian Music Industry - IFPI Austria and the music collecting society AKM in order to identify and rectify a glaring statistical problem: The music industry has so far lacked a clear classification in the political and economic system.
More info:
https://www.akm.at/studie-zur-wertschoepfung-der-musikwirtschaft-in-oesterreich-2024
