*Featured Cover Photo Credit: International Music Summit
The International Music Summit (IMS) has released their 2024 Business Report and stated that the value of the dance music industry reached $11.8 billion. How the dance music industry arrived at the $11.8 billion mark shows how widespread it became globally in many major markets, including rising ones in Asia, Africa, and Latin America. The $11.8 billion value for the dance music industry rose up 17% from the previous year, which also followed up from the 34% growth from two years before as well.
In fact, Mark Mulligan, Managing Director and Analyst at MIDiA Research, presented the findings at Day 1 of the IMS in Ibiza (which goes from April 24 to 26). In the report, the sector with the largest growth was the “live events” sector, with music festivals and clubs making up nearly half of the revenue contributors for the industry. Independent and mainstream labels, physical and digital sales of releases, music technology brands, and streaming platforms are also among the many sectors in the dance/electronic music world that also made strides as well.
Valuation of Dance Music Industry at $11.8 Billion Announced at IMS in Ibiza
The IMS in Ibiza that announced the $11.8 billion valuation of the dance music industry is a prominent three-day conference that discusses the ongoing growth of the industry itself. According to an article from Billboard, the event’s founders include legendary English DJ/producer and BBC Radio 1 programme host, Pete Tong, as well as the full presentation of the aforementioned IMS Business Report.
Amongst other key findings in the report were the affirmation of SoundCloud as the #1 source for dance/electronic music producers, tech house’s confirmation as the top electronic music genre on Beatport, and electronic music seeing more growth in followers than rock, hip-hop, and Latin music. Conferences such as the IMS allow industry executives, the artists, and even the fans themselves to see how strong the dance/electronic is continuing to spread amazingly around the world.