IMS Business Report 2023: Global dance music industry reaches $11.3 billion, 16% higher than pre-pandemic
The IMS Business Report 2023 reveals the global dance music industry reaches $11.3 billion in 2022, 16% higher than pre-pandemic.
Every year, MIDiA Research and Mark Mulligan do an intensive study into the state of affairs of the global dance music industry, presenting their report to industry experts at the summit in Ibiza. This year is no different, with the IMS Business Report 2023 just being released and giving us an inside look in how well the dance music industry is doing. In a monumental achievement, the global dance music industry in 2022 reached $11.3 billion in revenue, which is a staggering 16% higher than pre-covid pandemic levels.
The rise was due largely to the incredible rebound of live events such as clubs and festivals, which accounted for nearly half of all of the dance music industry revenues at $4.1 billion, a massive 65% increase from 2021. That number didn’t match the levels of 2019 which were slightly higher at $4.4 billion, but growth within the future should be expected as booking across the board increased dramatically from 2021, with the top 100 global tours seeing revenue up 276%, Live Nation’s revenues increasing 166%, and bookings for the top 100 DJs increasing by 314%.
The dance music industry has shaken off the effects of the pandemic, coming out the other side, bigger, better, stronger and more relevant than ever – The IMS Business Report 2023
Other sectors within the industry also saw growth such as music rights including recordings and publishing, this sector saw revenues up by 13%, reaching $1.9 billion. This is about on par with other genres within the industry however it should be noted that dance music saw a slightly increased share of the market. The necessary sector of production music and hardware which includes djing decks, recording software, skill sharing, samples and various other equipment grew by 7% to $2.8 billion in revenue. This is the slowest growth within the industry however still account for the second-highest avenue of revenue in the dance music industry.
You can read the entire IMS Business Report 2023 for yourself via the link here.
Image Credit: Tomorrowland
