The electronic music industry has hit a new financial peak according to the International Music Summit (IMS). The annual IMS Business Report shows the global industry has grown 3% over the past year and is now valued at $7.4 billion.
The report was revealed yesterday during the launch of the 10th annual IMS Ibiza Summit. At 35 pages in length, the report covers topics ranging from music sales, artist earnings, preferred social media and streaming platforms, club and festival demographics, and the industry’s leading brands including Elrow, Ministry of Sound, Pacha, and Pioneer.
Of special note, dance music is now the fifth most popular genre around the globe, Beatport is returning to profitability, recorded music revenue growth is highest across Latin America, gender diversity continues to be an issue, and the investment in DJ gear has outpaced that of fretted instruments by 13% between 2007 and 2014.
Referencing DJ Mag’s Top 100 DJs and Clubs lists, the report could track changes in preferred genres, DJ ages, and popular locales over the last decade. While trance may have been the most popular genre in 2007, EDM now tops that list.
As a reminder, DJ Mag’s own digital and Ibiza editor, Charlotte Lucy Cijffers is set to appear during this year’s IMS Ibiza panels.