Apr 25, 2024 2 min read

Global dance music industry saw strong growth in 2023

The global electronic music industry grew by 17% in 2023, reaching a valuation of $11.8 billion. This is according to the 2024 edition of the IMS Business Report, which was launched yesterday at IMS Ibiza

Global dance music industry saw strong growth in 2023

The annual IMS Business Report was launched at the International Music Summit in Ibiza yesterday. Now in its tenth edition, it found that the global electronic music industry continued to build on 2022’s strong growth last year, with revenues up 17% in 2023. The report values the industry at $11.8 billion. 

“2022 was an unusual year, in that it reflected the post-pandemic bounce back effect for live”, says the report’s author Mark Mulligan of MIDiA Research. “There was a risk that 2023 would struggle to live up to those inflated expectations, but instead the electronic music industry grew strongly once again, with impressive growth across virtually all of its constituent parts”.

“What is more, electronic music culture grew its fanbases faster than other leading genres, in part due to the rapid rise of African music and fans, illustrating the growing cultural footprint of electronic music culture and its vibrant global scenes”, he adds.

Nearly half of electronic music revenues came from festivals and clubs, the report finds. Following that, the next biggest contributor, at around 25%, is hardware and software. Recorded music saw growth last year, with physical and streaming both up 10%, and that trend was particularly pronounced in the independent sector, with indie labels increasing their market share to 31%. 

“The new IMS Business Report reflects how deeply electronic music is now integrated into mainstream culture - from festivals to films, finance to fashion - with the genre now ever-present in society”, says IMS co-founder Ben Turner. “We had shifted from segregated stages or one-off moments to an always-on culture that is hard to get away from! It’s testament to the industry that the valuation is now showing continual growth post-pandemic”.

“The pent-up demand experienced in 2022 is also reflective of a new generation coming through who are proving to be passionate, loyal, and keen to experience everything possible”, he continues. “We are pleased to see the IMS Business Report also grow in stature and impact with all eyes on the genre like never before”.

Download the full report below

International Music Summit | Business Report
International Music Summit is a thought-leadership platform for industry, culture and education in electronic music. The organisation champions ethical and sustainable growth and aims to be a catalyst for positive progress and transformation from the boardroom to the dancefloor.
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