EDM Industry: Covid destroyed almost everything

The pandemic, in just over a year, wrecked many employment sectors. So, unfortunately, also the earnings of the EDM Industry are significantly decreased.

With its annual report on the EDM Industry‘s profits, the IMS (International Music Summit) explains that 2020 has been an unsuccessful year. This study shows us that the global market value decreased from 7,3 billion dollars in 2019 to 3,4 billion dollars in 2020. After the steady growth of the past ten years, in 2020, profits fell by 54%!

It is expected that also 2021’s revenues will not be enough to recover these losses.

Moreover, there are other encouraging numbers. The digital experience of music increased its earnings. Indeed, the recording music market grew up by 7% between 2019 and 2020. The vinyl record grew up by 24%. The DJ’s equipment market grew up by 23%.

Digital platforms such as Beatport and Twitch grew up both as users and as profits. The Beatport’s earnings grew up by 33% in a year. Twitch can boast 1,2 million new users.

For further information, you can download the IMS report here!