International Music Summit has released the full findings of the annual IMS Business Report 2022.
The report on the electronic music business, authored by audience strategies head David Boyle, was unveiled during a live presentation at IMS Ibiza 2022.
The data is based on IMS analysis of key facts and figures across the industry. It is based on over 30 interviews and detailed analysis of over 40 data sets, many exclusive to IMS.
With total industry valuation at $6 billion, the dance and electronic music market grew strongly in 2022 compared to 2020, up 71% but still not reaching its pre-pandemic levels.
The recorded music market continued to grow also, including growth in physical sales. Beatport achieved 13% growth despite the downloads market declining by 15%.
Festivals and clubs bounced back in 2021, although it remained a challenging environment for events due to continuing restrictions. Events that were possible were often hampered by challenges with audiences, artists, staff and suppliers.
DJ software and hardware value was up 14%. The end of the 2020 home DJ boom was offset by the return to live, although this too was hampered due to chip shortages and global shipping challenges.
Web3, the metaverse, NFTs, blockchain, DAOs and technology play a fundamental part in the report. Electronic artists pioneered NFTs for digital collectibles with 64% of all identified music NFT issues (worth $55.4m) issued by electronic artists.
The report also found that in general streaming doesn’t pay, with just 1,650 electronic artists making more than $65,000 per annum from their music (less than 1.2%). However DJ & artist earnings were up $0.4bn (111%) compared to 2020 mainly due to the return of live music and shows in 2021.
IMS counted 138 electronic music education providers. Electronic Music Label Toolroom now has 7,500 alumni of its DJ academy.
Electronic music also had a positive impact with the sector coming together, stepping up with fundraising compilations to support Ukraine and reacting to wider world events.
There has been some progress made in terms of diversity 2021.
Representation for people of colour in the DJ Mag Top 100 grew in 2021. However, several years of slow growth in demand for female representation in the DJ Mag Top 100 stalled in 2021. Audiences voted 12 female DJs into DJ Mag’s top 100 DJs in 2021; although just one less than the prior year it was the first decline since 2016.