The 2016 International Music Summit in Ibiza began Wednesday, giving industry members and fans of dance music a detailed look at the inner workings of the business. In a lengthy report published by the summit, the exact growth of the industry was measured and stacked up against jumps from previous years. This time, the results are truly impressive.
According to the data, the industry currently sits at a $7.1 billion value, 60% more than it was just three years ago. Despite the record-setting number, however, its growth rate slowed significantly to 3.5%. The future outlook is still positive, reads the chart, as it’s driven by constant growth in the streaming market, new global regions like Asia and South America opening up to the market, and the maturity of the USA market. However, the slow-down in growth is definitely something to account for when looking towards the future of dance and electronic music in general as it continues to merge into the pop market.
EDM still has a small market share in the scope of the entire music industry, and we can only hope it’s good enough to continue the snowball that has been this remarkable genre.
Check out the chart below, and stay tuned for more updates on data received from the IMS.
This article was first published on Your EDM.
Source: Dance Music Industry Worth $7.1 Billion, IMS Reports