According to the International Music summit report of 2017, the overall value of the electronic music industry was down 2% to $ 7.3 billion in 2017.
While the growth in value has been a tad bit slow in 2017, the reach to different markets, especially in untouched European markets and Asia especially China has been phenomenal.
This report was announced in the presence of key leaders at IMS Ibiza. The report also outlined the existing landscape of the electronic music industry and how it has evolved from 2017 in its annual value. Despite the dip in value, there are other key points that depict a promising future for the electronic music industry.
• Electronic dance music is now the fifth largest grossing genre in the US
• Beatport is returning to profit due to their focus on techno as a genre
• Mixcloud and Splice attract a $100 million cumulatively
• Warner acquired Spinning Records for $100m making it the 3rd largest deal within the electronic music industry in the last 6 years
Perhaps what is interesting apart from the above examples is that sales within the genre of drum and bass have also increased hugely, showing a sudden revival of the genre.
Moving on to the circle of the DJ’s wherein, there is a rise in value for the underground artists, with more pay for the lower ranking DJ’s, showing an increase in revenue. Moreover, the estimation for the top earning DJ’s was 279 million last year, which is more than the year before. In addition to revenue what has definitely helped our favourite artists this year, is the rise in followers artists and music companies are seeing on Instagram. Instagram has also helped the music industry with integrations i.e. with Spotify and Eventbrite making music distribution and ticket sales easy.
While the music industry has seen quite a few achievements this year, it has been observed that the electronic music scene also had an impact on other pop culture musical genres. It seems as though the entire electronic music industry has rallied behind this genre. While EDM has already established a powerful scene in the music space, even though the music evolves like that with the growing pop culture today, electronic music will definitely rule the coming years with it’s kind of music, that is uniting people all over the globe.
What does electronic music mean to you? Tell us in the comments below!