Dance music industry now worth $7.1B
International Music Summit’s ninth edition of its Ibiza edition is underway, and made a global splash almost immediately — the conference kicked off with one of the summit’s most highly-anticipated components the IMS Business Report 2016, presented by Kevin Watson.
According to the report, “the global electronic music industry is now worth $7.1 billion. 60% more than 3 years ago.” Fueling this colossal global industry growth are factors including continued rise in the global streaming market, and the spread of dance music in emerging markets like Asia and South America. In the United States, electronic/dance music streams are up 33%, while sales of digital tracks are down from 2013 but remain higher than 2012 levels.
54% of all dance music sales are streams in the United States, making it the fifth most popular streaming genre. Electronic music “dominated” Spotify in 2015, claiming accolades including Most Streamed Song of 2015 (Major Lazer feat. MØ’s ‘Lean On’), Breakout Artist of 2015 (Kygo), and Most Viral Track of 2015 (Robin Shulz’s ‘Sugar’).
Those holding out for the death — or reconfiguration — of commercial ‘EDM’ will be gratified to hear that techno was Beatport’s best-selling genre, overtaking Tech House in Q2 2016. The comprehensive report covers areas including DJs and Live Acts, Clubs and Festivals, Companies and Brands, IMS’ Survey, and Industry Overall outlook; check out the 28-page report here.