Electronic music down by 2% reveals IMS Ibiza business report
The IMS Ibiza business report is out, dance music is down.
From the underground to the main stage, electronic music has exploded onto the mainstream over the past decade, with DJs and dance music artists selling out stadiums, touring the world and making big money.
There are countless festivals dedicated solely to dance music, filling up the calendar to the brim and what people thought was ‘just a phase’ has maintained its staying power.
The International Music Summit (IMS) Ibiza has just released the annual business report which takes a look at the growth or decline of the electronic music industry as a whole and although it shows a 2% decline overall (from $7.4 billion to $7.3 billion) the value of integration into mainstream culture is immeasurable.
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The biggest contributing factor to the decline is, as always, a decline in recorded music revenue, with the USA (nearly 4% decrease) and Canada hit hardest.
Though that may seem grim, IMS feels that the potential reason lies in the EDM crossover into other genres like Pop or R&B, which has been seen more frequently as dance music continues to infiltrate the mainstream.
On the other hand, electronic music is enjoying growth in Asian countries, with 74% of 500 people surveyed saying they listen to dance music.
Dance music is also conquering Spotify, with the ‘Mint’ playlist coming in as 6th most popular playlist. The 3rd and 4th most streamed tracks on Spotify are also of electronic music origin.
DJ’s are still making tons of money, festivals are growing in number and size, the merchandise business is strong and fans are growing through Instagram, YouTube and other social media means.
The IMS Ibiza business report may show a slight decline, but electronic music is in no way going anywhere, anytime soon.