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The dance music industry has also been valued at £4.8 billion...

There’s a lot of news coming out of International Music Summit Ibiza’s Business Report, including the fact that techno has superseded tech-house as the best-selling genre on Beatport.

Up from second place last year, techno takes the top spot ahead of tech-house, which drops to second. Deep house, house and electro house make up the top five.

The report also shows that the electronic music industry has been valued at a whopping £4.8 billion ($7.1b), 60% more than it was just three years ago. Industry growth slowed to 3.5%, up from £4.7 billion ($6.9b) in the same period last year.

This growth is reported to have been driven by key factors including “streaming growth”, which has become the fastest growing music format globally, “new regions”, with many festivals and clubs starting in high-growth markets including South America and China, and the maturity of the US market, which is sustaining the explosive growth previously seen from EDM.

You can read the full report here.

Rob McCallum is DJ Mag’s digital news writer. Follow him on Twitter here.