Electronic dance music is a $6.2 billion global industry, per a new report issued at the International Music Summit in Ibiza, Spain Wednesday (May 21).
As compiled by EDM trade group the Association for Electronic Music (AFEM), the figure includes revenue from festivals ($1.03 billion); Las Vegas club dates ($800 million) and other global club gigs ($2.4 billion); traditional recorded music sales ($800 million) and streaming/video services ($600 million); sales of DJ software and hardware ($360 million); DJ earnings from other ventures ($60 million) and value from other platforms like Soundcloud ($140 million).
A graph from the 2014 IMS Business Report which estimated the worth of Electronic Music at $6.2 billion.
Elsewhere in IMS’ report, the organization points out the explosive growth of electronic/dance music sales in the U.S. (the only genre to post year-over-year sales gains in 2013, per Nielsen SoundScan) 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.
And although Calvin Harris, Avicii and David Guetta have been big mainstream hitmakers as of late, young DJs like Hardwell, Zedd and Nicky Romero are showing the highest margins of growth in their social media "likes," each growing their followers by more than 350% apiece in 2013, according to data from Rankings EDM Monitor. Hardwell in particular quadrupled the fans he added per day year-over-year, comparing a three-month period from Feb. 5 to May 5 in 2013 to 2014, the period before and after the influential Ultra Music Festival. Per Music Metric data, Hardwell saw as many as 70,000 new fans on social-media a day during Ultra 2014.
Now in its sixth year, the IMS Summit in Ibiza will host guest speakers including Nile Rodgers, Steve Angello, Seymour Stein, Paul McGuinness, George Clinton and Miles Leonard.