This week industry heads the world over have flocked to the white isle for the International Music Summit 2017 and the annual IMS Business Report makes for an interesting read, showing that the global electronic music industry has grown 3% in the past year is now worth a whopping $7.4 billion.
In the report several key points indicate a promising future for electronic dance music. In the USA, dance music has risen to become the 5th most popular genre, while in Germany dance music sales have reached an all time high. In keeping with the trend, dance music was also the most played genre on French radio.
Music festivals have surely had an effect on these increasing numbers of dance music sales as the number of festival attendees (Ultra, EDC and Tomorrowland) alone has risen from 185,000 in 2008 to 925,000 - a 500% increase!
In recent years the way we listen to music has changed dramatically with the number of paid subscribers to music streaming services increased from 68 million to 112 million, an overwhelming 65%. Electronic music alone generates 12 billion streams per month of Spotify.
And there's good news for the underground DJs too. Despite the industry growing overall, higher paid DJs are making less money, falling about 1% in 2016. The industry as a whole however, is up 3% increasing to $7.4 billion from last years $7.1 billion.
Any indicators that the dance music industry is slowing down are completely unfounded and, thankfully, our favourite music genre continues to grow and grow.