As disclosed in the IMS Business Report 2024.
Photo Credit: Sónar – Official
The Dance Music Industry recorded a landmark year in 2023, boasting a 17% revenue surge and pushing the total market value to a noteworthy $11.8 billion. Independent music labels contributed significantly to this success, now owning 31% of the market share, following their fourth consecutive quarter of growth.
This information was revealed by the comprehensive IMS Business Report 2024, presented at the esteemed IMS Ibiza summit. The report, prepared by Mark Mulligan of MIDiA Research, offers an in-depth analysis of changing global dance music trends.
Despite predictions of a post-pandemic slowdown, the industry defied these expectations, exhibiting substantial growth in almost all sectors. The rise of African music was a key factor, broadening the electronic music culture’s fanbase.
The Association For Electronic Music (AFEM) survey results, which represent the views of the electronic music business in 29 countries, were also included in the report.
Key takeaways from the report highlight the industry’s successful integration into mainstream culture and its continued growth. Ben Turner, the co-founder of IMS, commended the industry’s resilience and increasing number of passionate fans.
Festivals and clubs were the main sources of income, with music hardware and software being the second most profitable. The global recorded music market also rebounded, showing a 10% growth in 2023. Notably, independent labels maintained their market share dominance into the fourth consecutive quarter, reaching 31%.
The popularity of electronic music continued to grow, outpacing other major genres and expanding its global reach. New entrants in the electronic music market include Mexico, India, Brazil, and South Africa.
The full report is available for download here.
