A new report by IMS says the global electronic dance music industry is worth $6.2 billion and it’s growing…
The global dance music industry is worth $6.2 billon according to the latest International Music Summit (IMS) Business Report and the genre’s share of single, album and compilation sales in the UK reached a seven-year high last year – showing exactly why you should be getting your message out there.
In the UK, 12 of the 100 top selling albums were dance music in 2013, while only five were in the dance genre in 2012 and we’ve got Rudimental, Calvin Harris and Disclosure to thank for that. Avicii’s Wake Me Up became the most streamed track ever, with more than 200m plays on Spotify – showing it’s not just downloads that are changing the music industry, but streaming is playing its part too.
In the USA, the dance music sector was the only genre to achieve positive growth in digital track sales in 2013, with rock, pop, R&B/HipHop and country music all having lower sales in comparison to the previous 12 months.
The report also noted that 2014 was the first time the Grammy awards for best album and record went to a dance act (Daft Punk), which is a huge victory for the dance music industry as the critics also start to take the genre seriously.
The most profitable sector in EDM is from festivals and clubs at a staggering $4.2bn, representing 68 per cent of total revenues. The sales of music accounted for $1.4bn (23 per cent).
Incremental revenues from the sales of DJ software and hardware and earning from other platforms such as Soundcloud make up the remaining $0.6bn.
Forbes has predicted the dance music explosion has translated into big money for DJs, with earnings of the top DJs including Calvin Harris, Tiesto, David Guetta, SHM, Deadmau5, Avicii, Afrojack, Armin van Buuren and Skrillex all doubling their income in the last 12 months.
And we can’t talk about the report without mentioning the social explosion behind the dance music scene. Hardwell, Nicky Romero and Zedd had the biggest increase in social following over the report’s period. On Twitter, the biggest DJs increased their Twitter followers by an average of 77 per cent in 2013, with some achieving 400 per cent growth. Dimitri Vegas & Like Mike, W&W and Nervo topped the charts with the biggest follower rate increases.
The IMS Business Report combines data from a range of data including Nielsen SoundScan, Billboard, BPI and the Official Charts Company.
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