EDM Market Grows, Rests at $7.4 Billion Mark
The electronic dance music industry appeared to have plateaued in value last year when the IMS released figures following the industry’s financial growth, then worth $6.9 billion dollars.
Presently, the EDM industry has fiscally surged forward, weighing in at $7.4 billion, a growth of 3% between 2016 and 2017.
The U.S. and the UK account for much of the market, a majority that may be credited to the countries’ recording of the most EDM streams on music streaming platforms. Music streaming services likewise witnessed a jump this year, advancing 65% overall, the growth led by dance/electronic genres. Spotify notably generates a count of 12 billion streams in dance/electronic genres. Live dance music events have continued to contribute to the industry’s financial progression.
Growth in the industry translated to individual growth for Diplo and Zedd’s finances—both DJs observed a 4% increase in earnings this year.
When it comes to direction in the dance music industry, it seems the only way to go is further upward.