International Music Summit Releases Annual Report On Electronic Music Industry
28 May 2018
In a 28-page annual report on electronic music trends, the IMS (International Music Summit) has revealed some pretty interesting facts that point to an upsurge of contribution by the underground music scene, internationally; despite a slight recession in market shares for recorded music.
"Despite the small decline this year the contribution of the underground music scene appears to have actually grown. The social media explosion and rise of artists like Amelie Lens, underground festivals and the large investment into companies like Native Instruments all give us plenty of reasons to be optimistic for the future.” - Pete Tong, IMS co-founder
Rising interest in other styles of music such as pop and hip-hop has led to a decrease in percentage of people consuming electronic music in Germany and the UK according to the report. Interestingly, overall revenue generated by recorded music in Europe rose by 4.3%, led by streaming platforms like Netflix & Amazon.
Similar trends in Asia and Australasia point to an increase in revenue by 5.4%. The report also sites China and South Korea as potential emerging markets for electronic music consumption and festivals in China potentially looking to double by 2018. It also found South Koreans to be the most enthusiastic consumers of dance music.
The report also charted the growth of online streaming platform, Boiler Room which expanded its audience from 10 million to 303 million in the last 5 years.
Widespread industry gains between 2014 and 2016 herald sales of merchandise by one-third of the original figure; with a 10 percent sales growth for Native Instruments in 2016, for instance. The report also predicts an annual increase by nine percent for music production software till 2021.
Overall, the report observed a 2 percent dip (from £7.3bn last year) for the entire industry, including DJs and live acts; clubs, festivals, and brands.