On August 2nd Billboard Pro editor Katie Bain published a great article about why music’s power players are moving to Miami. Katie Bain is the director of Billboard Dance, where she oversees coverage of the wide, wild world of dance and electronic music.
Here are all the key takeaways from this article summarized for you to read in 2-3 minutes:
- A better quality of life: When the pandemic untethered many music industry workers from their offices — and from the industry’s hubs of New York and L.A. — Miami and South Florida’s tri-county area (Miami-Dade, Broward, Palm Beach) became a major destination. Since the spring of 2020, music executives from across genres have relocated to Miami and the tri-county area, finding, they unilaterally attest, a better quality of life as fostered by Miami’s cheaper housing market, increased access to nature, nearly 12 months of summer, greater opportunities for artists given that much of Florida didn’t close during the pandemic.
- Miami has become a boomtown for the music industry at large: In these lingering days of the pandemic, Miami, much like New York and LA, has also become a boomtown for the music industry at large: The phenomenon is similar to what Nashville experienced in the early ’90s after the massive success of Garth Brooks.
- Housing market prices: While the average home price in the Miami area is roughly $100,000 more than it was a year ago (currently sitting at $446,000), that’s still significantly cheaper than the average price of a home in L.A., which is $948,000, as well as the average price of a home in NYC, which is $745,000.
- Miami’s Latin music community: The latin music community has had a historically strong presence and today includes top executives, producers and artists from throughout Latin America. With the growth of Latin music over the last few years, the city has become an even more vital place to do business for anyone in this sector. As Latin music has gone global, the city has become an even more crucial epicenter of the genre — a hub that provides easy access to L.A., Latin America and Europe
- Taxes: Miami’s financial benefits extend beyond cheap real estate. Florida does not have a state income tax for individuals, meaning those who move there, automatically save cash. If you know anything about financial growth, the key is to keep expenses down while increasing income