IMS Business Report 2024: Electronic music industry grew by 17%

With the world seemingly operating in full force since the COVID-19 shutdown at the turn of the decade, the IMS Business Report reveals many strong insights into the music industry. One of the most exciting aspects of the report is the growth shown within the electronic music industry last year.

Every year, the movers and shakers of the electronic music industry come together in Ibiza to review the previous year’s industry, finances, culture, and other important topics to collect the findings in one, coherent report. Following the 2024 IMS summit, the official report has been released and reveals plenty of interesting insights, especially concerning growth in the music industry. While 2023 saw the debate over artificial intelligence or AI bubble to the surface, and continued discussion over the appropriate artist compensation for streaming, the industry overall continued to grow.

Concerning the growth of the electronic music business, the report showed clear gains across the board and broke things down between the majors and other publicly traded non-major labels. For the major labels such as Sony Music Group, Warner Music Group, and Universal Music Group, the entities experienced a 7% growth in 2023. The surge in growth throughout the industry was also seen by non-major labels as well. Last year, a 17% growth was shown for smaller publicly traded labels. This reveals that new marketing techniques and revenue streams are being discovered as the industry continues to evolve.

For a full look at the IMF report, head over to the official International Music Summit page.