At the recently concluded International Music Summit in Ibiza, a new report issued valued that the Electronic Dance Music fraternity is now a $6.2 Billion global industry! Compiled by not-for-profit trade body Association for Electronic Music, the figure takes various factors into account such as revenues from festivals, clubs as well as sales on online platforms. The report also points out that the explosive growth of electronic/dance music sales in the U.S. as well as DJs’ earnings, with the top 10 DJs on Forbes’ 2013 Electronic Cash Kings earning a combined $225 million, nearly double the $114 million earned by the top 10 in 2012.
The breakup of the figure reads something like $2.4 billion from global club gigs, $1.03 billion from Festivals, $800 million from music sales, $800 million from Las Vegas Club events (!), $600 million from streaming video services, $360 million from sales of DJ software and hardware and value from other online platforms (e.g. Soundcloud) at $140 million. The report also pointed out that while traditional DJ’s and heavyweight producers such as Calvin Harris, David Guetta or Deadmau5 still command respect as mainstream artists, it was the more recent lot of Hardwell, Zedd and Nicky Romero who have shown the highest margin of growth with respect to their social media. With a 350% growth rate, the popularity of these artists at music festivals has soared their popularity as well as global earnings.
With the exponential growth of Dance Music, one thing is certainly clear – as a genre it looks like its here to stay and share a piece of the pie. Although ongoing debates and tireless rants ensue over social media over the direction of its authenticity and integrity, Dance music has shown that it still maintains a strong connect with a commendable string of numbers, both financially as well as with its ever increasing fan base.
Sources: Billboard
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