The IMS Business Report is out and dance music is larger than ever
According to the IMS Business Report, “the global electronic music industry is now worth $7.1 billion.” Factors attributing to this substantial growth in the market include streaming, digital tracks, live DJ acts, clubs, and festivals. While outside the US, the genre is gaining in popularity in emerging markets such as Asia and South America.
In the US and Canada, Dance music is the fourth most popular genre in terms of streams, behind R&B/Hip hop, Rock, and Pop. Additionally, streaming across all genres increased by a total of 55% year-over-year. In fact, streaming plays a large role in increasing fanbases for artists such as Skrillex and Steve Aoiki, who have massive social media followings on SoundCloud.
All data aside, its pretty obvious that dance music’s popularity is bigger than ever. Last year the genre dominated the charts on Spotify, with “Lean On” by Major Lazer and MØ being the Most Streamed Song, Kygo being the Breakout Artist, and “Sugar” by Robin Shulz being the Most Viral Track. In fact, IMS reports that the genre has grown by 60% in just three years. Despite recent predictions of the bubble bursting, it appears the genre is stronger than ever. Still not convinced by the numbers?
Read the full report here and be sure to let us know what you think by commenting below.