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Global electronic music industry grows to £5.7bn

Original article from: http://www.m-magazine.co.uk/genres/electronic-genres/global-electronic-music-industry-grows-5-7bn/

The global electronic music industry has grown by three percent to be worth an estimated $7.4 billion (£5.7 billion).

The findings were revealed at the International Music Summit (IMS) in Ibiza as part of its annual IMS Business Report.

Some of the key statistics included for the last year showed how the genre continues to grow and evolve with 12 billion streams of electronic music per month recorded on Spotify.

Gender diversity remains a key focus of work with a study of festival line-ups showing only 17 percent of electronic artists to be female.

In clubs and festivals Latin America is showing a growth in dance music events and festivals plus huge growth in total music sales.

The Forbes electronic cash kings survey fell by one percent in the last year with top DJ earnings down. However, lower ranking DJs grew their revenue streams.

New evidence of trends within social media were clear with many of most popular DJs growing their followers considerably faster on Instagram than Facebook at 11 times the rate.

According to IMS: ‘Delivered directly to the key leaders in the music industry here at IMS Ibiza, Kevin Watson, author of the annual business report has clearly shown positive indicators for the industry as a whole.’

Visit the IMS Ibiza website to find out more.

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