{"id":430,"date":"2024-04-24T15:00:04","date_gmt":"2024-04-24T15:00:04","guid":{"rendered":"http:\/\/orangefiles.me\/?p=430"},"modified":"2024-05-23T11:32:38","modified_gmt":"2024-05-23T11:32:38","slug":"ims-business-report-values-dance-music-industry-at-remarkable-11-8-billion-key-insights","status":"publish","type":"post","link":"http:\/\/orangefiles.me\/index.php\/2024\/04\/24\/ims-business-report-values-dance-music-industry-at-remarkable-11-8-billion-key-insights\/","title":{"rendered":"IMS Business Report Values Dance Music Industry at Remarkable $11.8 Billion: Key Insights"},"content":{"rendered":"
The electronic dance music industry has achieved a remarkable $11.8 billion valuation, according to the 2024 IMS Business Report.<\/p>\n
Reinforcing its prestige as a cultural and economic force,\u00a0the global dance music business “is now firmly in its post-pandemic growth phase” after achieving 17% revenue growth in 2023, per the report.<\/p>\n
The upsurge can be attributed to EDM’s universal appeal, technological integration<\/a> and unparalleled ability to captivate audiences.\u00a0As the genre’s popularity\u00a0snowballs at major events like Coachella<\/a>, festivals and clubs continue to dominate revenues, amassing nearly half of the industry total. The next biggest segment was music hardware and software, which comprised roughly 25% of total revenues.<\/p>\n The rise in the number of EDM fans far surpassed those of hip-hop, rock and Latin music in 2023, reflecting a substantial boon for its “share of global culture.” Electronic music has the smallest fanbase of those four major genres but grew fastest across all key DSPs by a wide margin, passing rock on YouTube, Instagram and TikTok. It was dwarfed by hip-hop, which still reigned supreme in streaming totals.<\/p>\n