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The Dance Music Industry is Growing, Now Worth $7.1 Billion

  • The Dance Music Industry is Growing, Now Worth $7.1 Billion

The Dance Music Industry is Growing, Now Worth $7.1 Billion

Growth in music genres is nothing new. Trends are always shifting and new genres are being thrust into the spotlight with every year that passes. With the growth of streaming services and tech-related music, dance music is a genre that has experienced unquestionably the most growth in the past five years.

Industry Trends are Supporting EDM

There are a number of trends that have helped this along as well. For example, 2015 was the first year where digital revenues surpassed physical revenues in music worldwide. More people are listening to music through their earbuds or headphones than ever before and that has affected the ways that mixes are being built. All of this serves to support the electronic dance music genre which has grown to a value of $7.1 billion this past year.

Top 5 Richest Artists in Dance Music in 2015/2016

The richest artist in EDM currently is Calvin Harris with a reported worth of $66 million. The rest of the top five are filled with David Guetta at $37 million, Tiesto at $36 million, and Skrillex and Steve Aoki at $24 million each. Though these amounts are nowhere near the top names in Hip-Hop, Rock, or Pop, the genre’s growth rate is higher than these genres mentioned.

Summer EDM Festivals are Driving a lot of People to Dance Music

Summer festivals are being the go-to money-makers for a lot of these artists and, unlike Hip-Hop, their success transcends geography becoming worldwide hits. New EDM based festivals have already been established in countries as far away as Cuba, Panama, Vietnam, and the Philippines. The biggest EDM festival in the United States is the Electric Daisy Carnival in New Jersey, generating $11.2 in gross profit and with an attendance of over 91,000 people this past year – making it the 4th largest festival in the entire world.

Live Music is not Growing but Live Dance Music is

A recent study published by Nielsen Music in the United States analyzing live music events showed that the only genre of music that was generating growth in profits in live music was electronic music related events. Club events, in particular, has seen growth as high as 3% annually while venues and events geared towards other genres have either experienced no growth or are actually seeing a reverse trend.

Dance Music is a Worldwide Culture

The primary reason, above all others, for the high growth in EDM, electronic influenced, or electronic based dance music has to do with its worldwide culture of music. No one has to understand the language of the vocals to understand the beat. Throughout the history of music, across nearly every continent, music was made to move people and to provoke movement. It is this that dance music has been founded on and is what is allowing it to grow in areas of China, India, and other parts of East Asia as well as South America and Europe.

EDM Might be the Genre of the Next 25 Years

As DJs, producers of dance music, and EDM influenced artists continue to climb the charts, it’s already become difficult to locate a mainstream successful artist that has not been in some way influenced by dance music. This is only going to continue. In the same way that Jazz had its day, Rock had its day, and in the ways that Hip-Hop has had such a wide influence in the past 25 years, the next 25 years could be the time for electronic music to rise to the top.

Contributed by: Jason Leblanc
2017-04-07T19:22:30+00:00 June 2016|House & EDM|

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