Electronic music continues to grow the IMS Business Report 2024 reports.
As the sun sets on another electronic music get-together on ‘the island,’ the annual IMS Business Report has now been published. The main takeaways at a glance.
- The global electronic music industry grew by 17% in 2023 to reach a value of $11.8 billion.
- Combined, the 15 leading music companies have already increased revenues to almost double pre-pandemic levels, the fastest growth is still in live, but 2023 was also a boom year for recorded music.
- Fandom in 2023 belonged to electronic music, which grew fastest across all key platforms in 2023. This strong growth has seen electronic pass rock on YouTube, Instagram, and TikTok.
- DJs are finding the post-COVID world to be one in which gigs are harder to find and they are getting paid less for them (but they would rather be in the studio making music anyway if they could afford to!)
- Women and gender-expansive creators are still being treated differently to their male peers in the music business, which often holds them back from fulfilling their potential.
- Afro House has come from nowhere to become the 23rd most searched for electronic genres. Across three different sets of data we saw the rise of afro-house, amapiano and other Sub-Saharan African electronic genres – and amapiano is now part of Beatport’s top ten genres.
- This year saw the first survey of Association For Electronic Music members, with ¾ of respondents saying that they are confident about the coming year.
- Independent labels have increased their market share for the fourth consecutive quarter, reaching 31%.
Ben Turner, IMS co-founder elaborated:
“The new IMS Business Report reflects how deeply electronic music is now integrated into mainstream culture – from festivals to films, finance to fashion – with the genre now ever-present in society. We had shifted from segregated stages or one-off moments to an always-on culture that is hard to get away from! It’s testament to the industry that the valuation is now showing continual growth post-pandemic. The pent-up demand experienced in 2022 is also reflective of a new generation coming through who are proving to be passionate, loyal, and keen to experience everything possible. We are pleased to see the IMS Business Report also grow in stature and impact with all eyes on the genre like never before.”
The annual report, now in it’s 10th edition and compiled by Mark Mulligan and MIDiA Research for IMS Ibiza 2024, is released each April during the event. International Music Summit is a global thought-leadership platform for industry, culture, education, technology and wellness in electronic music. Established in 2007 by a team including Pete Tong, the summit was created to catalyse sustainable growth within the diverse global music industry and inspire positive change from the boardroom to the dancefloor.
You can download the full report on the IMS website.
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