Wednesday, July 17, 2024

IMS Ibiza, the thought-leadership platform for culture, education, industry and wellness in electronic music, has announced full details of the annual IMS Business Report 2023. Presented live at the IMS Ibiza summit the new report builds on the success of previous editions to present the definitive vision of the global dance music industry of today.


 For the first time, the report is authored by MIDiA Research’s Mark Mulligan. MIDiA Research is a leading provider of research, analysis and data for the digital entertainment business, with a team of analysts and consultants focused on everything related to where tech and entertainment meet.


 “MIDiA Research is proud to have compiled the 2023 edition of the IMS Business Report, building on the great work of its previous authors. After a couple of pandemic-impacted years, the global dance music industry is back in top gear and this report reflects how growth has returned across all the various aspects of its thriving business.” 
Mark Mulligan (MD & Analyst, MIDiA Research)

 
This year’s report features a number of exclusive MIDiA datasets, which have never been used in previous editions aiming to be the definitive account of electronic music business and cultural music trends covering every aspect of the industry. With many key financial, economic and cultural findings in this year’s analysis broken down in detail highlighting major emerging themes which can help to guide and inform the industry. 
 
With overall positive indicators, 2022 has undoubtedly been a strong recovery year for the dance music sector and also the entire music industry, resulting in 34% revenue growth and revenue up across all categories with the total industry valuation reaching $11.3 billion, 16% higher than pre-pandemic.


 The jump of more than a third is partly due to a number of areas including a resurgent creator tools sector, building in revenues from studio + DJ equipment, electronic music instruments, software, sounds / samples and skills sharing. It is clear that more creators than ever are embracing music software, learning and sharing skills and purchasing hardware devices that are becoming a crucial part of the industry.  


In addition music publishing is leading the way to growth with a sector that is finally beginning to find its share, publishing revenues grew more than two times faster than recordings in 2022, all underpinned by steady improvements in rates paid to publishers and songwriters. 

Also the live sector grew strongest showing to be bigger and better than ever, with Live Nation’s revenues surging above pre-Covid levels and 2022 seeing festivals and clubs rebound from their pandemic induced hiatus, representing nearly half of all dance industry revenues. 

Dance music’s cultural relevance is also stronger than ever with Electronic music’s fanbase growth happening specifically centered on social platforms. With TikTok fast becoming the dominant place for fan engagement for Electronic Music where it is growing 10 times faster than more traditional genres such as hip hop in comparison. 


Overall the indicators are positive and the future is bright, with more recovery in live still to come as well as future growth in the publishing sectors. In addition, the long term growth of creator culture is set to make dance music even more influential on wider music culture in the immediate future.Downloand the full business report here

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