Photo: Insomniac Events

IMS Report Confirms A 54% EDM Income Loss in 2020

With life as we’ve known it slowly returning to normalcy, and live music events re-starting after a year and a half shutdown, it comes as no surprise that the music industry as a whole has suffered significant losses.

As addressed in the most recent International Music Summit business report, it has been revealed that the electronic music business, in particular, has seen an overall 54% financial decline in 2020 with the annual $3.4 billion loss stemming from cancelled music festivals.

The promising news. however, is that 2021 EDM revenue is on the upswing following the lowest revenue in 10 years. While Electronic dance music income for 2021 is still expected to be lower than most prior years, the industry anticipates exponential growth as the live event business continues to reopen to the worldwide masses.

According to the IMS business report, ticket sales have skyrocketed in 2021, with a 3999% March gain despite last year’s global electronic music industry significant drop in value,.

While the 2020 live music business suffered Herculean losses, live-streaming allowed for companies such as Twitch to register 1.2 million new users, while Beatport experienced a 33% growth increase. Sales or streaming revenues for recorded dance music surpassed $1 billion in 2020, with global recorded revenue growing 7% as vinyl sales alone grew 24%. This occurred as worldwide recorded music sales increased by 7% to $22 billion in 2020, though electronic music’s share of the market fell by 11% in the US and 2% in the UK. According to the research, hip-hop’s portion of recorded music has plateaued, while electronic music’s part of recorded music has leveled off globally, owing to Germany and a few other areas.

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Author: Luke Traina

Photo: Insomniac Events