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Electronic music industry grows to $7.1bn, says IMS

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The global electronic music industry is now worth $7.1 billion (£4.8bn), 60 percent more than three years ago, a new report has revealed.

The statistics were announced as part of the IMS Business Report 2016, presented at the IMS Summit in Ibiza.

According to the report, industry growth has ‘slowed significantly’ during the course of the past year to 3.5 percent. However, the outlook is still positive, due to three factors identified by the findings.

They are the adoption of music streaming, the expansion of electronic music festivals and clubs into new sectors in South America and China with evidence supporting the maturity of the American dance music market.

In the UK, the streaming of electronic music grew at a faster rate than any other genre during 2015.

Dance music buyers twice as likely to subscribe to music streaming service than other genre fans. House and garage are most popular dance sub-genres in terms of single sales, accounting for almost half.

Overall electronic artists dominated Spotify in 2015 with Lean On (ft. MØ and DJ Snake) by Major Lazer now reaching 540m streams, making it the most streamed of all time.

Visit the IMS website to read the full report.

The post Electronic music industry grows to $7.1bn, says IMS appeared first on M magazine: PRS for Music online magazine.

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