This year marked the 10th edition of the International Music Summit Ibiza, followed by its detailed report about the scene, trends (fans and creators), the industry, and the market size. The report is free to download for everyone interested in electronic music as an industry, offering comprehensive and analytical views on the past year, which allows industry professionals to predict growth and trends for 2024.
THE MUSIC INDUSTRY OVERVIEW
The first part of the report focuses on the general statistics about the music industry, including global recorded music, music publishing, streaming platforms, leading companies and labels revenue, and live music. In comparison to 2022, the past year was 10% better – global recorded music generated 35.1 billion USD last year, of which 21.9 billion USD was from streaming services. In terms of global music publishing, there was also a 10% growth, generating 11.9 billion dollars in revenue (IMS Business Report 2024).
Streaming music platforms and subscribers
(IMS Business Report 2024)
As per the dominating record labels, Sony Music Group, Warner Music Group, and Universal Music Group are still the top 3 key players, but according to this year’s report, HYBE and Believe are the fastest-growing record labels that ‘pursue revenue streams closely aligned with the dynamics of today’s fan and creator centered music business’ (IMS Business Report 2024). Even though the pandemic made the most significant impact on the live music sector, the past two years market ‘the new golden era’. The data by Live Nation and Eventim platforms showed significant pre and post-COVID differences in revenue – live music in 2019 gained 13.2 billion dollars, while in 2023 the sector generated 25.1 billion dollars in revenue.
AUSTRALIA & SOUTH AFRICA
Electronic music maintained its growth and population among most of the markets, but this year’s report highlighted two countries that stood out. Australia has 10 times more listeners than the whole country has people, while South Africa, a country that has built its electronic music scene, has nearly twice as many Electronic listeners as people.
(IMS Business Report 2024)
Moreover, the fan surge showed that electronic music grew the fastest across Facebook, Instagram, Spotify, TikTok, and Youtube:
(IMS Business Report 2024)
The survey with creators, including DJs and producers, has shown that the gigs became harder to find and organizers pay less than pre-COVID. Moreover, the survey also showed that electronic music is still a male-dominated industry, as women and gender-expansive creators are still treated differently from their male colleagues.
GENRES AND MARKET SIZE
According to Beatport, last year marked the rise of Afro house. Even though techno and tech house predominate the charts, South Africa changed the game as it is a leading Electronic music market on Spotify. In more detailed charts, Afro house came aux pair with EDM, which is the main reason the industry labeled it as a trend for this year.
(IMS Business Report 2024)
According to Beatport, there are two sides of the market – 51% of its revenue comes from Europe, while other continents do the rest. TikTok #ElectronicMusic hashtag was used 71% more last year than in 2022.
‘Tomorrowland’s TikTok LIVE reached 16 million unique viewers across both of the festival’s weekends, resulting in Tomorrowland becoming the biggest festival account on TikTok with 5.7 million followers’ (IMS Business Report 2024).
A social media that has the most influence in the industry is SoundCloud as one in three tracks uploaded to the platform are electronic. The fan communities have a key role in shaping trends, as the report shows that 4 out of 5 trending artists get to be the nominees for “Breakthrough Artist” at the BBC Radio 1 Dance Awards.
Electronic Music Industry Value
(IMS Business Report 2024)
Overall, the report proved a significant growth of the industry in terms of revenue, streams, and market size, but as the competition gets bigger, DJs will have to put a bit more effort into finding the slots, and Artificial Intelligence will make its way into the industry.
