In a new report by Danceonomics presented at Wednesday’s IMS Engage in Hollywood, it was detailed that the North American electronic music industry is worth approximately $1.9 billion. This accounts for nearly a third of the global electronic music revenue, taking into account “music sales and streams, festival and club income, and other sources including platforms like Soundcloud and DJ technology sales.”
In the public sphere, dance music is quickly rising in the ranks. The report found that “dance music represents the fourth most popular genre for North American streams after R&B/hip-hop, rock and pop, accounting for 7 percent of all US streaming and 10 percent of Canadian.”
Festival growth has also been a significant factor in the increased valuation of the North American electronic music industry. Although US festival growth “held steady at a 1.4 million capacity point with Ultra Music Festival switching back to one weekend,” Canada accounted for 400,000 in attendance this year.
The full report is available for download at Danceonomics.com.
Thank you to Billboard for the concise summary of information.
Image via Rudgr.com