IMS Business Report reveals exponential growth for Spotify and Beatport
The International Music Summit (IMS) returns to Ibiza annually for an array of interesting seminars, interviews, debates and masterclasses. With many major dance music icons in attendance, the conference provides a unique insight for budding producers and industry professionals alike. Annually, IMS releases a business report that looks at data to establish present and future trends within the music industry. This year, the report highlighted the growth of two platforms in particular, Spotify and Beatport.
One of the most staggering statistics was the prediction for Spotify’s growth over the next four years. By 2020, the number of paying subscribers is expected to double, amounting to a massive 142 million predicted subscribers. At $28 billion in value, Spotify’s exponential growth over the years is showing no sign of slowing down, and electronic music has played a huge part in this growth. The sixth most successful playlist on Spotify as a whole is ‘Mint’, that showcases the finest talents in electronic music. The influence of electronic music on Spotify doesn’t stop there, with The Chainsmokers having become only the third artists ever to achieve over 1 billion streams on more than one release.
Beatport is also on track for even further success, having grown by 8% during the first quarter of 2018. The platform has huge plans for the coming year, including plans to introduce streaming. Beatport plans to revolutionize the way DJs access music during live shows, and since purchasing Pulselocker, Beaport plan to utilize the platform’s technology. Pulselocker allows users to stream music offline by accessing the cloud, and Beatport plans to bring this unique method of streaming to DJs around the globe.
The IMS Business Report provides a great deal of information regarding the current and future state of the industry. Providing data to showcase trends, the report is incredibly useful to those working in the industry already, as well as budding producers looking to gain insight into the industry. Take a look at the full report here.