IMS Ibiza report reveals rapid growth in Asia
The annual IMS Ibiza report has been released for 2018, with stats revealing EDM’s rapid exponential growth across Asia. Given China’s gargantuan population, targeting the Chinese market is often a no-brainer, however, after years of expansion, China isn’t the only market in the Asia region that’s picking up momentum. The report also revealed a vast number of topics within the music industry, including Spotify and Beatport’s exponential growth.
A Nielsen study into music habits in Asia-Pacific found that Koreans are most likely to listen to Dance music. The study, which surveyed 5,000 people, questioned how often, if ever, do participants listen to electronic music. Results showed that 74% of participants listen to EDM, making it the second-most listened genre.
In addition to this, dance music ranked in the top 5 genres in China, Taiwan & Australia, with up to 64% of respondents listening to some form of electronic music. Overall recorded music revenues grew 5.4% in Asia and Australasia in 2017, with China up 35% YoY.
Another indicator of Asia’s booming growth was Ultra Music Festival‘s expansion into the region. Adding festivals in China and India, Ultra capitalised on a large population and ever-growing market. Despite this, Ultra was just one of many festivals to have taken place in China recently. The number of electronic music festivals in China is expected to rise from 32 in 2016 to >150 this year. Storm Music Festival has led this expansion, going from 1 event / 24k attendees in 2013 to 9 events / 180k+ attendees last year.
For more information, read the full IMS Ibiza report here.