Austin’s independently owned venues anchor its music scene, but rising insurance costs and rents have many operators focused on survival over success.
Why it matters: Independent venues aren’t just cultural touchstones that develop artists and support the city’s major festivals. They’re economic engines that underpin a multibillion-dollar state industry and Austin’s tourism economy.
Driving the news: Texas’ independent live entertainment industry drives $3.1 billion in state gross domestic product, $5.9 billion in economic output and $186.4 million in tax revenue, per a first-of-its-kind report released by the National Independent Venue Association (NIVA).
- NIVA categorizes independent venues and music festivals as those not owned by a multinational corporation or a publicly traded company. Local estimates weren’t included in the report.
Yes, but: 64% of the nation’s independent venues were not profitable…