Tennessee live music funds needs $16.5 million to help venues and artists, analysis finds
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The entrance to the Bluebird Cafe, one of Nashville's most popular independent venues. Photo: Raymond Boyd/Getty Images
The newly created Tennessee live music fund needs $16.5 million in its first year in order to adequately support independent venues, artists and concert promoters across the state.
Why it matters: The legislature and Gov. Bill Lee created the new fund during the session earlier this year, but no money has been dedicated yet.
- The pandemic, competition from mega corporations and soaring real estate costs have combined to push the independent music industry to the brink.
- Earlier this year, for instance, the independent Nashville venue Drkmttr converted to a nonprofit and did an emergency fundraising drive in order to stay open.
State of play: The National Independent Venue Association (NIVA) and the Music Venue Alliance Nashville (MVAN) have discussed possible funding sources with public officials and top concert industry stakeholders since the fund was created earlier this year.
- NIVA and MVAN studied how other states created grants for their live music industry and researched the approximate number of venues, artists and promoters eligible for grants in Tennessee. That research arrived at a need of $49.4 million in the fund's first year.
- The groups estimate that only about one-third of those eligible will apply for grants, which is how they arrived at $16.5 million needed in the first year.
What he's saying: "While this number might seem large, I can't stress enough the great need for this, and how conservative our assessment truly is," MVAN president Chris Cobb said in a press release.
By the numbers: Advocates propose $50,000 grants for independent venues, $30,000 grants for concert promoters and $15,000 grants for performers.
- Tennessee is home to 4,754 music establishments, and 14,504 performers who receive royalties, according to a national report released earlier this year.
Zoom out: Nashville is no stranger to independent venues facing uncertain futures. The longtime operator of Exit/In was pushed out when their lease expired two years ago.
- The Mercy Lounge operator's lease was not renewed, and the concert complex is now run by the building's owner.
- 3rd & Lindsley faces an uncertain future.
- Meanwhile, corporate giant Live Nation has business ties to the Basement East, Marathon Music Works and Brooklyn Bowl.
What's next: Advocates are working with state leaders and music industry stakeholders to come up with money for the live music fund.
The bottom line: The legislature placed the fund under the management of the Tennessee Entertainment Commission.
- "Investment in the Live Music Fund is a perfect way to protect Tennessee's musical farm system and ensure growth in the sector for years to come," NIVA executive director Stephen Parker said in a press release.