The 10th edition of the IMS Business Report has been published today (April 24).
The report covering 2023’s revenues for the global dance music sector was presented at the IMS Ibiza summit. It was authored by MIDiA Research’s Mark Mulligan for the second year running.
“2022 was an unusual year, in that it reflected the post-pandemic bounce back effect for live,” said Mulligan, MD & analyst at 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 fan bases 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.”
This year’s report features includes a survey with Association For Electronic Music (AFEM) members on the electronic music business and cultural music trends. AFEM has more than 270 member organisations across 29 countries.
The new IMS Business Report reflects how deeply electronic music is now integrated into mainstream culture
Ben Turner
According to the report, the global dance music business is now firmly in its post-pandemic growth phase with 17% revenue growth in 2023. It has a total industry valuation reaching $11.8 billion with notable growth particularly across festivals/clubs, recordings and publishing.
“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. We had shifted from segregated stages or one-off moments to an always-on culture that is hard to get away from,” said IMS co-founder Ben Turner.
“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. We are pleased to see the IMS Business Report also grow in stature and impact with all eyes on the genre like never before.”
Festivals and clubs continue to dominate revenues (nearly half of the industry total), while music hardware and software was the next biggest segment (around a quarter of total).
“Electronic music fandom and consumption is thriving and growing its share of global culture,” stated the report.
South Africa emerged as a leading hotspot for electronic music fans in 2023, with Mexico, India, and Brazil also performing well.
PHOTO: Jake Davis/Drumsheds
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