The International Music Summit’s (IMS) report provides statistics on the electronic economic movement
Yesterday, (Monday, June 28) the International Music Summit published its 2021 IMS Business Report. The annual report is a study “that provides vital statistics on the status and economic movement of the electronic music sector across the previous year.” The report is compiled of various professionals within the industry as well as various professional studies and sources within the electronic music business. The report was announced in a livestream on Beatport’s streaming channels.
This year’s IMS report has been compiled from extensive interviews with “over twenty-two leaders and visionaries from across the industry, plus detailed analysis of over 35 data sets.” The report states that due to the COVID-19 pandemic in 2020, the global value of the electronic music industry fell about 54%, which is equivalent to $3.4 billion. According to the report, this is the first decrease the electronic music industry has had to endure in the last ten years.
Contrary to the electronic music industry’s 2020 decline, the DJ Software/Hardware industry has experienced tremendous growth. According to IMS’s study, the industry has experienced a 23% increase just in the past year, which is equivalent to $1.1 billion. Similar to the DJ Software/Hardware industry, the NFT community also skyrocketed. Reports show that 76% of all music NFT’s were issued by electronic artists in the last year, which is around $50.2 million.
Furthermore, the recorded music market grew by 7% from 2019 to 2020, which about $22 billion. The full International Music Summit study can be found here.
Sources – International Music Summit & Beatport
