Electronic Dance Music or EDM has grown into more than just a niche of the music world. Today’s global EDM market means everyone knows about it now, some in a good way and some in a bad. With that growth the music industry has jumped on the bandwagon to profit off this hype and that is part of the reason we have seen dance DJ’s, festivals, record labels, merchandise and more explode into the mainstream world. DJs are the rockstars of this decade and they have grown into a level previously unimaginable.
All this hype equates to a lot of money for the dance music business. Being a raver is not cheap and the money it costs for festival tickets, travel, and add-ons quickly run up into the billions. According to IMS Business Report the global EDM market grew even more last year, by 3%. Today the dance music industry’s value has grown from $6.9 Billion to $7.4 Billion. The UK and USA account for much of the industry, with the club culture going back many years in Europe and just finally rising into popularity here in the USA a few years ago. Internet Music streaming around the world is up 65% and that is mostly due to dance music genres. With this huge growth year after year, the only question remaining is: what EDM bubble?
Source: IMS Report