Electronic music industry worth increased to $6 billion in 2021, according to IMS report
The figure includes the sale of hardware and software music products, as well as educational music production courses
IMS’s annual Business Report reveals that the electronic music industry’s value rose to $6 billion in 2021.
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The report, revealed during the International Music Summit in Ibiza last week, highlights the increase from 2020’s $3.4 billion — a lower number due to the industry’s halt during the pandemic. 2021’s $6 billion valuation is still playing catch up with 2019’s pre-pandemic figure of $7.3 billion.
Another key finding in the report regards streaming: streaming increased by 24 per cent compared to 2020, but found that just 1,650 artists earn at least $65,000 from streaming their music.
The report also shines a light on representation and diversity in the electronic music industry. Technomaterialism, after analysing data from both Resident Advisor’s artist database and Black Artists Database, discovered vast misrepresentation on event lineups worldwide.
While there was a spike in the booking of Black artists during the Summer of 2020, in France, for example, those figures have now dropped back to where they were before the Black Lives Matter movement took hold following the death of George Flloyd in the Summer of 2020.
The inclusion of Web3 was also highlighted in the report, with electronic artists taking most of the top spots for music-related NFTs and 64 per cent of total music NFT sales.
You can view the IMS Business Report here.
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