Music & Entertainment Sector

8/12/2019 Music & Entertainment Sector

1/14

Government of Trinidad and Tobago

TRINIDAD AND

TOBAGOS MUSIC& ENTERTAINMENTINDUSTRY


2/14

SOUTH AMERICA

TRINIDAD AND TOBAGO

NORTH AMERICA


3/14

Trinidad and Tobago

The most southerly islands of the

Caribbean chain, Trinidad and Tobago

(T&T) is one of the most prosperous,

highly diversified and industrializedcountries in the Caribbean and has

emerged as a dominant player in

CARICOM. The twin-island nations

economy is primarily energy based,

with large exports of oil, gas and

downstream energy products providing

the bulk of the countrys revenues.

Along with its highly developed

industrial base, the country also has

a deeply entrenched manufacturing

sector and a strong services sector,

especially financial services.

With an ethnically diverse population

of 1.3 million, T&T has a wide rangeof competitive advantages such

as strategic geographic location;

a highly educated, diverse work

force; low energy and fuel rates; a

highly developed industrial sector; a

commitment to free market principles

and strong democratic principles.

Dubbed the Caribbean Tiger by

international business publications,

Trinidad and Tobago derives most of

its revenue from its well established,

world class energy sector. To

maximize its revenue base, the T&T

Government is aggressively pursuing

economic diversification, particularly

in non-energy manufacturing and

services, and has targeted for strategic

development Seven Sectors in which

the country already has a traditional

resource base, established linkages

and competitive advantages. Theseare:-

TRINIDAD AND TOBAGOSMUSIC AND ENTERTAINMENT

INDUSTRY

1


4/14

Food and Beverage

Film

Seafood

Music and Entertainment

Merchant Marine

Yachting

Printing and Packaging

Strategic plans have been created for

the development of each sector and

these provide the prospective investor

with a comprehensive overview ofthe specific industry, mechanisms

for driving growth and investment,

incentives for investors and

strategic opportunities for business

development.

With this in mind, the Ministry of

Trade and Industry invites investorsto explore business opportunities

in the music and entertainment

industry, enhance their earnings and

to participate in one of the fastest

growing and most diverse economies

in the Caribbean.

Background

Epitomizing the term creative

industry, the local music/

entertainment sector has a long

standing history, first emerging as

viable revenue generating activities in

the pre-war era, and surging forward in

post-World War II Trinidad and Tobago,

particularly due to the presence of the

United States military base, a growing

upper middle class which demanded

quality entertainment and the rising

tide of pro-independence sentiment

sweeping the country.

As the years passed, music industry

operators interacted more and

more with their North American

counterparts; soca music evolved out

of calypso; there was increased cross-

fertilization with regional artistes;

new, powerful performers with aninternational appeal emerged from

the ranks; and consequently the local

music and entertainment sectors were

forced to develop more sophisticated

operations to meet the demands of

their wide and varied audiences.

Sector Profile

At a national level, Carnival remains

by far the largest generator of revenue

within the music/entertainment

sector, producing $154M in 2004,

and employing over 3,500 persons.

Carnival also has an important exportelement, in that out of the local

2


5/14

Carnival season, masquerade bands,

soca musicians and sundry support

service providers, work overseas at

the various Carnivals held in diaspora

communities in the United States,

Canada and the United Kingdom.

Components of

the EntertainmentIndustry

Music Recording Services

Producers

Studios

Engineers Labels

Bands

Musicians

Steel Pan

Vocalists

Calypso

Rapso

Folk Ragga

Soca

Classical

Chutney

Jazz

Contemporary

Rap

Hip-Hop

Gospel

R&B

Drama / Art Electronic Art

Video Houses

Literary Art

Novelists

Poets

Playwrights Visual Arts

Fabric Design

Painters

Sculptors

Dance Ballroom

Contemporary/ Modern

3


6/14

In the global economy, cultural

industries have become major catalysts

of growth, with technology being themain driver of this transformation.

Global market demand for cultural

commodities continues to rise steadily,

impacting upon the entertainment

and media industry. Estimates

show that the cultural industries are

worth US$2.2 trillion, growing at an

annual rate of 5% (Howkins 2001).The global performing arts industry,

comprising theatre, opera, dance,

ballet is worth over US$40 billion in

box office revenues.

Developed countries are the largest

traders in cultural goods. At last count

in 1998, Japan, USA, China, Germanyand the UK were the top five exporters,

accounting for 53% of global cultural

exports (UNESCO 2000), while

imports were highly concentrated

among US, Germany, China, UK and

France, representing 57% of total

imports (UNESCO 2000).

Jazz

Folk

Indian

Latin

Businesses Performance Venues

Promotion companies

Advertising Agencies

COTT

Music Stores

Dance Stores Art Supply Stores

Book Stores

Art Galleries

Art Schools

Music Schools

Dance Schools

Drama Schools

The music/entertainment industry

contributed 0.89% of the total value

added by all non-petroleum firms in

T&T in 2004 and 1.28% of the value

added by private sector services,

excluding utilities and construction.

The Entertainment Industry is

estimated to generate TT$351.8

million annually and employs some

10,854 persons. The employment

and revenue generated in the various

sectors are detailed in the table

below:

Sector Employment RevenueMusic 5,602 $169,465,606

Carnival 3,596 $153,587,200

Visual Art 728 $17,806,450

Theatre 454 $6,201,140

Dance 474 $4,704,470

TOTAL 10,854 $351,764,866

4


7/14

Through solid investment and

institutional support, Government is

committed to fostering the growth and

development of a globally competitive

entertainment industry that would

promote sustainable sources of

income for cultural entrepreneurs and

contribute to economic growth.

Establishment of theTrinidad & TobagoEntertainmentCompany (T&T Ent)

The Ministry of Trade and Industry

has established the Trinidad and

Tobago Entertainment Company (T&TEnt) to facilitate the development of

a globally competitive entertainment

industry. The objectives of T&T Ent

are as follows:

To facilitate international exposure

of our local entertainers;

To market and promote nationalcreativity;

To ensure that Trinidad and Tobago

is identified not only as the home

of steel pan and Carnival but also

as the home of soca, chutney and

calypso;

To influence positive perception

of Trinidad and Tobagos arts and

culture abroad;

To assist local entertainers and

artistes in accessing funding for

projects geared towards the exportmarket; and

To facilitate private sector

investment both locally and abroad

in the entertainment industry.

In order to achieve its main objective

of facilitating the internationalization

of the industry, the main projects ofT&T Ent will include:

A Revolving Investment Arrange-

ment (RIA) for artistes to aid in

major projects in market devel-

opment; music production, video

production, theatrical productions

and touring, as well as implemen-tation of export plans;

5


8/14

Familiarization Tours of the country

for international executives in the

music industry and successful

Trinbagonian visual and performing

artistes living abroad to assist

in exporting our local talent and

products;

Archiving, Research and Develop-

mentto facilitate proper archiving

of our creative works as well as

continuous assessment of thegrowth and development of the

entertainment industry through

benchmarking with international

developments;

Marketing and Promotion to

establish and maintain global

linkages for the industry usingthe targeted marketing by a local

music expert living abroad, and

purchasing airtime on international

mainstream broadcast media. The

company will also facilitate the

annual participation of artistes in

international music festivals such

as MIDEM;

Joint venture projects to stage

international promotional music

concerts and major theatrical

productions abroad;

T&T Ent Online for downloads of

the collected archives of our local

soca, chutney, calypso and other

genres of music and music videos,

as well as visual art, dance and

theatrical productions. In addition,

there will be a national database of

artistes and cultural entrepreneurs

as an Entertainment Directory.

Opportunities forInvestment

With soca music now a category atthe American Music Industry Grammy

Awards, and international record

labels deliberately courting young local

artistes, the music/entertainment

industry provides opportunities to

invest in the development of new

talent. Co-financing arrangements

with international record labels cangenerate significant profits.

There are also business opportunities

in the establishment of appropriate

performance spaces and recording

studios, as well as training and work

facilities for the arts.

6


9/14

Quite recently, significant opportunities

have been emerging in terms of

hosting regional music festivals and

entertainment events, particularly in

light of success at the Tobago Jazz

Festival, and the experience gained

when Trinidad and Tobago hosted the

World Beat Festival some years ago.

Investment Incentives

Some major industry development

incentives include:

Under the Corporate Tax Acts Art

and Culture Allowance, companies

can obtain a 150% tax rebate on

the expenditures in respect of an

artistic work up to a maximum ofTT$1,000,000.

The entertainment industry can

also benefit from the Tourism

Development Act via tax

incentives, e.g. tax exemptions

not exceeding seven years for

gains and profits of the project; tax

exemptions in respect of interest

received on an approved loan

used for a tourism project which

will have international tourism

appeal and which will showcase

the culture, heritage and artistic

product of Trinidad and Tobago.

The Customs and Excise Actallows

for importation of entertainment

equipment including musical

instruments, electronic items and

other apparatus free of customs

and excise duties as long as they

are not manufactured in Trinidad

and Tobago.

The Foreign Investment Act allows

a foreign investor to purchase

land up to one acre for residential

purposes and five acres forcommercial use. In addition foreign

investors are allowed to purchase

up to 30% of the cumulative

shareholding in a public company.

The Trinidad and Tobago Government,

through the Ministry of Trade and

Industry, is currently developing sectorspecific incentives for the services

industries, including film, music and

entertainment.

Trinidad andTobago InvestmentAdvantages

Steady Economic GrowthTrinidad and Tobago is one of

the fastest growing nations and

is developing into the business,

commercial and investment hub of the

region. The country has experienced

15 consecutive years of economic

growth, with a GDP growth rate of

2.3 per cent in 2008.

7


10/14

Strong Economic Base and Diverse

Economy

Trinidad and Tobagos economy is

energy based and also diversified

enough into business and services to

support a range of financial interests

and industrial requirements.

Highly Developed Air and Sea

Transport

Trinidad and Tobago has two of the

largest and most well-developed portsin the Caribbean, at Port of Spain and

Point Lisas, handling dry and general

cargo, industrial bulk and containers.

The two airports, Piarco and Crown

Point International, service some of

the largest airlines in the world, e.g.

American Airlines, British Airways,

Virgin Atlantic, Continental Airlines,Delta Airlines, etc.

Enhanced Market Access

Trinidad and Tobago, as a member

of CARICOM, has embarked on adrive to gain greater market access

for manufacturers and service

providers located here through

bilateral trade agreements with its

Latin neighbours. So far we have

arrangements in place with Colombia,

Cuba, Costa Rica, Venezuela and the

Dominican Republic. As a member

of CARIFORUM, T&T has signed an

Economic Partnership Agreement

(EPA) with the EU, and we are

currently involved in negotiations with

Canada for a new trade and economicdevelopment agreement.

Government Commitment to the

Development of the Industry

With the establishment of the Trinidad

and Tobago Entertainment Company,

the Government has indicated its

intention to make the sector asustainable and efficient revenue

generating option.

Educated Workforce

Trinidad and Tobago has one of

the highest literacy rates in the

English speaking Caribbean, with

the Government providing a range

of educational opportunities and

benefits, in particular for tertiary level

and technical education.

Commitment to Free Market

Policies

Trinidad and Tobago has a long standingdemocratic tradition, epitomized by

its Westminster model Parliament

and continued Government support

for business and investment and

adherence to democratic principles.

Lower Cost of Living

Due to currency value and economiesof scale, the cost of living in Trinidad

8


11/14

and Tobago compares favourably with

other Eastern Caribbean territories.

Diverse Range of Social Activities

Trinidad and Tobago has more to offer

than most of the other Caribbean

islands in terms of social activities,nightlife, restaurants, cultural events,

festivals, etc., all of which enhance

the overall quality of life for the

countrys citizens.

Ethnically and Culturally Diverse

Due to its history, Trinidad and Tobago

has become famous for its ethnic

mix and tolerance of diversity, which

ensure that all people are welcomed

to live and work here. In fact, as part

of the drive to integrate our economy

into Latin America, the Government

has embarked on a program to

promote and implement Spanish asthe First Foreign Language.

Highest Concentration of Foreign

Missions in the Caribbean

Along with the United States, the

UK and Canada, the presence here

of representatives from several

major European and Commonwealth

countries is testament to the long-

standing, positive relationships which

the international community has

enjoyed with Trinidad and Tobago.

In addition, visitors have immediate

contact to their home territorieswhenever necessary.

9


12/14

MINISTRY OF TRADE ANDINDUSTRYAttn: Mario RomanyIndustry AssistantLevel 12, Nicholas Tower

63-65 Independence SquarePort of SpainTel: (868 623-2931 Ext. 2217Fax: (868) 623-5445Email: [email protected]: www.tradeind.gov.tt

TRINIDAD AND TOBAGOENTERTAINMENT COMPANYLIMITED (T&T ENT)Attn: Dionne Mc NicolCEO47 Long Circular Road

St. James, Port of SpainTel: (868) 622-1455Fax: (868) 622-1080Email: [email protected]: www.ttentonline.com

T&T COALITION OF SERVICESINDUSTRIES1st Floor45 Cornelio StreetWoodbrookPort-of-SpainTel: (868) 622-9229Fax: (868) 622-8985Email: [email protected]: www.ttcsi.org

TRINIDAD AND TOBAGOMANUFACTURERSASSOCIATION (TTMA)TTMA Building42 Tenth Avenue

BaratariaTel: (868) 675-8862Fax: (868) 675-9000Email: [email protected]: www.ttma.com

TRINIDAD AND TOBAGO CHAMBEROF INDUSTRY AND COMMERCEColumbus CircleWestmooringsTel: (868) 637-6966Fax: (868) 637-7425Email: [email protected]: www.chamber.org.tt

EVOLVING TECKNOLOGIES ANDENTERPRISE DEVELOPMENT

COMPANY LTD (Eteck)The AtriumDon Miguel Road ExtensionEl Socorro, San JuanTel: (868) 675-1989Fax: (868) 675-9125Email: [email protected]: www.eteck.co.tt

Contact Information

ll

l

l

l

l

10

187 9 - 2010


13/14

Trinidad and Tobago has one of the

most dynamic economies in theCaribbean and dominates trade withits CARICOM partners by some 77percent on average. The countrysmain source of revenue comes fromlarge oil and gas reserves. At thesame time T&T possesses a largeindustrial and manufacturing sectorand highly developed services sector.

The main exports are oil and gas,petrochemicals, steel, food andbeverages, financial services.

COUNTRY NAME:Trinidad and Tobago, Republic ofTrinidad and Tobago.

CAPITAL CITY:Port of Spain (Trinidad), Scarborough

(Tobago).

POPULATION:1.3 Million: 40% East Indian descent;40% African descent; 20% Mixeddescent, plus European, Mediterraneanand Chinese. The country has becomefamous for its cosmopolitan, friendlysociety.

RELIGION:Roman Catholic 29%; Hindu 24%,Anglican 11%, Muslim 6%, Other 30%.

AREA:5,128 km2(Trinidad 4,828 km2,Tobago 300 km2).

LANGUAGE:English.

POLITICAL SYSTEM:Trinidad and Tobago is a democraticrepublic within the Commonwealth,holding regular, free elections.Parliament consists of an electedHouse of Representatives (41members) and a Senate (31 members).

General Information

The Prime Minister is the Head of

Government. The President is theHead of State.

TIME ZONE:Eastern Standard Time = 1 (no timedifference when North America ison daylight saving time during thesummer), GMT-4 (during BritishSummer time 5).

TRAVEL:Caribbean Airlines, Trinidad andTobagos national carrier, flies to Portof Spain from North America, theUK and the Caribbean. Piarco, theinternational airport, is about 25 kmfrom Port of Spain. Other scheduledcarriers include: American Airlines,Virgin Atlantic, Delta Airlines, AirCanada, Continental Airlines, BritishAirways, COPA Airlines, SurinameAirways, Bahamas Air and Liat.Tobago is serviced by Crown PointInternational Airport, about 11 km fromScarborough.

CLIMATE:The islands are warm all year round,

with a mean temperature ranging from320C (900F) to 200C (730F).

CURRENCY:The current exchange rate for the TTdollar is as follows: US $1.00 TT $6.30 Euro 1.00 TT $10.00

ECONOMY:GDP (2008) - TT $ 92 billion;GDP growth (2008) - 2.3%*

*Source: Review of the Economy 2009

11


14/14

Levels 11-17, Nicholas Tower

63-65 Independence Square

Port of Spain

Trinidad and Tobago, W.I.

Tel: 1 (868) 623-2931-4Fax: 1 (868) 627-8488; 627-0002

Website: www.tradeind.gov.tt

Email: [email protected]

47 Long Circular Road

St. James, Port of Spain

Tel: 1 (868) 622-1455

Fax: 1 (868) 622-1080

Email: [email protected]: www.ttentonline.com

Music & Entertainment Sector

Documents

Transcript of Music & Entertainment Sector