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Music

New Study Finds 20% of NYC's Small Venues Closed Within the Past 15 Years

The study was issued by the the Mayor's Office of Media and Entertainment.

The results of the first major economic impact study on the music industry in New York City from the Mayor's Office of Media and Entertainment has been published.

According to the study, which was conducted by the Boston Consulting Group in 2015, New York City supported, "60,000 jobs accounting for roughly $5 billion in wages and generating a total economic output of $21 billion in business revenues and self-employment receipts."

Unfortunately, the study also found that small venues are the most at risk for closure with 20% of New York City's smaller venues closing within the last 15 years. The loss of small venues in New York City can be attributed to a number of different factors, such as, "the rising real estate prices, zoning pressures, increasing operating costs and financial risks, noise complaints, and licensing problems that small venue owner space."

"A high concentration of closed venues have been located in areas like the East Village and Williamsburg—neighborhoods whose burgeoning popularity has been matched by burgeoning rents, and where the creation of new residential units has amplified quality-of-life disturbances," the report said. "While new venues in the outer boroughs are opening their doors, music label and talent executives contend that it will be difficult for these spaces to replicate the concentration of talent and the level of community of the city's historic music clusters."

The entire 56 page report is available to view here. Earlier this month, we began tracking music venue closures across the country.