EDM Industry is Now Worth $7.4B
May 26, 2017
Nelly Varela | Staff Writer
With an estimated worth of $7.1 billion between 2015/16, the new IMS Business report has released that growing an overall 3% from 2016/17, the global EDM industry is now worth an astounding $7.4 billion. Streaming subscriptions have hit an all time high. There has been an increase of 65% in paid subscribers to music streaming services, with EDM accounting for roughly $12 billion monthly streams on all of the platforms. The report also reveals that 57% of all ‘Dance’ sales are from streaming, the highest of any other genre in the US. According to the IMS business report, the United States and the UK claim a decent portion of the market and account for the highest number of EDM streams on all music platforms. Techno is said to remain as the best selling Beatport genre, with Trance and Drum & Bass as high climbers behind it. The report has also released that the Iconic Ministry of Sound has been acquired by Sony Music UK for $87 million, and Pacha Group has sold to Trilantic Capital Partners for $391 million.
In an interview with Billboard, resident Revolution 93.5 DJ, Pete Tong, shared his thoughts on the U.S.’s dance music market:
“I think the market’s peaked. No one wants to say it too loudly. It’s fantastic having had the experience in the U.K. and Europe, because everything is way bigger over here than it was there, but the patterns are similar. The door didn’t shut over a day; it was like a deflation, a puncture. I think we’ve been going through that for a couple of years. And now in 2017, like a housing crisis or decline, you’re really feeling it more this year. I think you’ll see more change and things shake out this year. We were even having these conversations in 2015 and 2016 where we’re kind of in a Twilight Zone, like, ‘How much is it affecting us?’ Whereas I think in 2017, the mists are clearing. There are fewer festivals, there are fewer buyers. I think in terms of the market, it does come down to: You need to make better records, you need to throw better parties and festivals. And only the strong survive.”
The EDM industry is showing tremendous growth and is being recognized worldwide as a leading industry in the world of music. May we continue to grow and provide all our listeners with the best dance music has to offer.
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