Post on 03-Jun-2018
transcript
8/12/2019 Music & Entertainment Sector
1/14
Government of Trinidad and Tobago
TRINIDAD AND
TOBAGOS MUSIC& ENTERTAINMENTINDUSTRY
8/12/2019 Music & Entertainment Sector
2/14
SOUTH AMERICA
TRINIDAD AND TOBAGO
NORTH AMERICA
8/12/2019 Music & Entertainment Sector
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
8/12/2019 Music & Entertainment Sector
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
8/12/2019 Music & Entertainment Sector
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
8/12/2019 Music & Entertainment Sector
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
8/12/2019 Music & Entertainment Sector
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
8/12/2019 Music & Entertainment Sector
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
8/12/2019 Music & Entertainment Sector
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
8/12/2019 Music & Entertainment Sector
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
8/12/2019 Music & Entertainment Sector
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
8/12/2019 Music & Entertainment Sector
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: mromany@tradeind.gov.ttWeb: 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: info@ttentonline.comWeb: www.ttentonline.com
T&T COALITION OF SERVICESINDUSTRIES1st Floor45 Cornelio StreetWoodbrookPort-of-SpainTel: (868) 622-9229Fax: (868) 622-8985Email: info@ttcsi.orgWeb: www.ttcsi.org
TRINIDAD AND TOBAGOMANUFACTURERSASSOCIATION (TTMA)TTMA Building42 Tenth Avenue
BaratariaTel: (868) 675-8862Fax: (868) 675-9000Email: info@ttma.comWeb: www.ttma.com
TRINIDAD AND TOBAGO CHAMBEROF INDUSTRY AND COMMERCEColumbus CircleWestmooringsTel: (868) 637-6966Fax: (868) 637-7425Email: chamber@chamber.org.ttWeb: 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: info@eteck.co.ttWeb: www.eteck.co.tt
Contact Information
ll
l
l
l
l
10
187 9 - 2010
8/12/2019 Music & Entertainment Sector
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
8/12/2019 Music & Entertainment Sector
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: info@tradeind.gov.tt
47 Long Circular Road
St. James, Port of Spain
Tel: 1 (868) 622-1455
Fax: 1 (868) 622-1080
Email: info@ttentonline.comWeb: www.ttentonline.com