The International Music Summit (IMS) just took place in Ibiza and with it has come a business report that shows growth and information across the industry. Some interesting findings 51% percent increase in vinyl sales, a 9% increase in CD sales, and the boom in the value of the electronic music industry.
The music industry as a whole saw a 18% uptick in 2021. And the spheres of electronic music is now valued at $6 Billion dollars. Electronic Music’s share of the Spotify Top 200 increased in 16 out of their 28 regions of interest. And the value of EDM festivals and clubs has risen by 166%.
Streaming figures are also up 24% from 2020 to 2021, however, while demand for music continues to rise, live streams are beginning to plateau. Many of these facts can be found on the IMS instagram.
There was also an interesting note about Germany, who recently surpassed the UK in market share. It seems that commercial radio is now playing more of the likes of Robin Schulz and Purple Disco Machine on the airwaves. This all suggests that electronic music is becoming the dominant genre in this part of the world.