The electronic music industry is in a constant state of evolution, and music creators must adapt to the changing landscape now more than ever.
However, the global electronic music industry has multiple revenue streams. These streams can be broadly divided into hardware and software creation companies, festivals and clubs, DJ earnings and recording companies. If they maintain a share in these segments, the electronic dance music industry could be worth $9 billion by 2021.
Out of these segments, the major contributor to the annual revenue of the electronic music industry are softwares that are used by DJ’s for mixing. With the rise in advancement of technology, hardware and software creators are creating mobile-based software’s that help a user mix and compose tracks on their most used device. An example of a live performance music software would be Tractor and Serato. Along with the live performance music software’s DJ’s also use music production software’s like Ableton Live and Logic pro, to create beats and create their mixes.
No matter the consoles of the DJ’s, most of these software’s are already compatible with an artist’s hardware. Hence, these software’s are constantly evolving to help artists plug and play by simply exporting ready mixes.
So, with the growing number of artists around the world, the rapid adoption rate of music softwares is likely to grow in the coming years, which contributes to the forecast of 2021. Research and markets showcase a promising growth within the music industry, making the path to the valued forecast an easy achievement. What also contributes to this forecast is new social integrations, like that of Instagram with Spotify and Eventbrite, which are helping artists and producers reach their audience faster w.r.t music distribution and festival ticket sales.
This year has had a lot of players rise and rebound, like Mixcloud receiving a $11 million funding to innovate its online streaming service; Spotify and Apple music rising to the most popular streaming platforms and Pandora trying to match up to their offerings. This has made it imperative that all entities must innovate to keep up to the changing music landscape, be it for creating music, or for creating an experience for its listeners.
The electronic music industry is definitely in a very innovative space right now, and it doesn’t matter if the artist is big or small, good music and collaborations are leading to the creation and release of good music.
As a side note, the buzz around the web says that dance music is presenting the world with more happy and chilled offerings to pass on the party and festival vibe to get young minds to adopt to electronic music. Do you feel the same way? Tell us your thoughts below!