According to this report, “the global electronic music industry is now worth $7.1 billion. 60% more than 3 years ago”.
The backbone behind this massive growth appears to be the continued rise in global streaming, as well as the spread of dance music and festivals in emerging markets like South America and Asia.
In America, streaming percentages have risen 33% this year alone and while digital track sales have fallen since 2013, they still remain higher than they were in 2012. In addition, 54% of worldwide dance music streaming takes place in the United States, making EDM the fifth most popular genre in the country.
Electronica “dominated” Spotify in 2015, claiming titles such as ‘Most Streamed Song of 2015’ (Major Lazer feat. MØ’s “Lean On”), ‘Breakout Artist of 2015’ (Kygo), and ‘Most Viral Track of 2015’ (Robin Schulz’ “Sugar”). The comprehensive report covers topics like DJs, Live Acts, Clubs, Festivals, Companies and Brands, IMS’ Survey, and Industry Overall Outlook. You can view the 28-page report here.
For those of you holding your breath waiting for EDM to die out, you may be waiting quite a while.