Annual IMS Business Report shows dance music industry is worth $7.4 billion
International Music Summit has released the annual IMS Business Report which shows an in-depth economic study of the electronic music industry, and has also publicized that the global electronic music industry has grown 3% in the past year and is now worth $7.4 billion from $7.1 billion the year before.
The information shared in the annual IMS Business Report has revealed that dance music is now the fifth highest grossing genre in the US, (behind rock, R&B/ hip-hop, pop and county) as Beatport is now profiting with techno at the forefront. Interestingly enough, drum & bass sales have grown immensely, indicating a revival of the genre.
For on-demand streaming, dance is now the fourth most popular genre with a 6% share of the market. The report announced that 57% of total Dance sales are from streaming – the highest of any genre in the U.S. Spotify, the world’s largest streaming service, has some 12 Billion electronic music streams a month. On the DJ circuit the numbers point to promising numbers for underground artists, as the top earning DJs are being paid slightly less, while lower ranking DJs are increasing their revenue. What may come to a surprise for many is that artists are now finding they can reach their followers better using Instagram than Facebook at an astonishing 11x the rate.
One interesting fact from the report is that The Chainsmokers are adding 28k social media followers a day, well below David Guetta’s peak, during which the French DJ was adding 47k fans a day on Facebook and Twitter in 2011 and 2012. The Chainsmokers are currently gaining 28k per day, including Instagram.
The study also revealed that gender diversity remains a key issue, with a study of 24 festivals finding that only 17% of artists on the lineups were female. Some electronic music festivals had a much lower percentage of women, Beyond Wonderland had only 2 female artists out of 61 (3.2%).