Music Software, Gear & Skills Market Reaches $6.6 Billion, Driven by Electronic Music [IMS Business Report]
According to recent data in the IMS Business Report, revenue around music software, hardware, and production skills reached an impressive $6.6 billion in 2022. Of this figure, $2.8 billion(42.42%) was attributed to dance producers and DJs, highlighting the importance of electronic music in today’s music landscape.
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One of the key factors driving the growth of music software, skills, and hardware is the democratization of music production. In the past, producing high-quality music required expensive equipment and specialized training. Today, however, anyone with a computer and a passion for music can create professional-level tracks from the comfort of their own home.
This democratization has led to a surge in the number of independent artists and producers, as well as a new generation of music enthusiasts eager to learn the skills needed to produce their own music. As a result, music production schools, online courses, and YouTube tutorials have become increasingly popular, providing aspiring musicians with the knowledge and skills they need to succeed in the industry.
In addition to the growth in music production skills and education, the development of new music software and hardware has played a significant role in the industry’s growth. From digital audio workstations (DAWs) and virtual instruments to MIDI controllers and audio interfaces, the range of tools available to music producers today is vast and ever-expanding.
Furthermore, the development of music hardware has made it easier than ever for musicians to create music on the go. Portable synthesizers, drum machines, and other devices allow producers to work on music wherever they are, whether on the road, in the studio, or at home.
Finally, the rise of streaming platforms like Spotify and Apple Music has created new revenue streams for musicians, incentivizing them to invest in high-quality music production tools. With the potential to earn money from streams and downloads, independent musicians are willing to invest in the best possible equipment and software to ensure their tracks stand out in a crowded marketplace.
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