According to the IMS Business Report 2022, while streaming numbers are up about 24% compared to 2020, only 1,650 artists make over $65,000 annually from their streaming catalog proving how streaming isn’t exactly a lucrative source of income except for a very select few.
While the number seems extremely low and equates to a very small percentage of Electronic Music catalogs out there, the number has seen quite the rise in the last few years.
Proving that it can be extremely hard to earn a substantial yearly earning from music through revenue from streaming services alone, the number has also seen a big rise since 2017 according to the IMS estimates, where back then this number of artists sat at just 740. In 2019 it rose to 1,140 and is currently the highest it has ever been at 1650.
While most artists do not solely have to depend on revenue from Streaming platforms and rely more on touring as a major source of income, it does come down to the dismal amounts artists are paid per stream by streaming giants such as Spotify.
Silvia Montello, from Association for Electronic Music, said, “It has been brutally difficult for artists to make a living from making and playing music.”
The report also showed that the value of the Electronic Music industry grew to $6 billion in 2021, nearly doubling the deeply impacted 2020 valuation of $3.4 billion, but still shy from pre-pandemic highs in 2019 of $7.3 billion.
While it has been a rather slow return, Clubs and festivals are also looking to the summer of 2022 to recover from the pandemic, as 2021’s season, while much improved from 2020, was still affected by Covid-19-related restrictions and cancellations. The events sector for 2021 was valued at $2.5 billion, up from 166% from 2020 yet still down 42% from pre-pandemic figures in 2019, as broken down from the report by DJ Mag.
Check out some of the key takeaways from the report by swiping on the post below.
Download and view the complete IMS Business Report 2022 here.
H/T – We Rave You