North America’s dance music industry valued at $1.9 billion
It should come as no surprise that the North American electronic music industry is highly lucrative. But a new report showcased at IMS Engage discovered that its worth is much higher than many might expect: a whopping $1.9 billion. On a worldwide scale, the dance music industry is valued at just over $6 billion.
London-based strategy specialist Kevin Watson breaks down North America’s sources of revenue into three categories: music, DJs and live acts and clubs and festivals. In using Nielsen’s Music U.S. report as concrete data, Watson found that dance music’s share of digital track sales is now 1.5x the level it was in 2011. Though album shares have dropped, streaming more than makes up for this loss with a 6.8% high in 2014.
Watson also notes that New York comprises the highest track sales (13%), with Los Angeles coming in at a close second (about 9%). Furthermore, electronic music is the 4th most popular genre for streams, following R&B/Hip-Hop, Rock and Pop.
The author uses a number of other sources to prove just how valuable the industry is, such as Forbes, DJ Mag and Eventbrite. For example, Forbes’ roster of highest earning DJs earn a bulk of their funds in North America, regardless of their home nation. And if we were to consider the festival boom over the last few years, North America is now home to some of the largest festivals in the world, with music fans in the US 13% more likely to attend one of the countless multi-day events.