Every year, the IMS Business Report offers a roundup of trends in the electronic music world. This year’s report, published yesterday, adds in data on the impact that the Covid-19 pandemic has had on the sector.
“Dance/Electronic clubs and festivals could lose c.75% of their income in 2020, equivalent to c.$3.3 billion” is one of its sobering conclusions, based on the cancellation of club events and festivals across the world since March 2020.
The report suggests that DJs’ and electronic music artists’ income could fall from $1.1bn in 2029 to $400m in 2020 as a result of Covid-19, while streaming revenues for the dance/electronic category are predicted to rise by 10% – from $1bn in 2019 to $1.1bn in 2020 – which will far from make up for the losses elsewhere.
Overall, the report suggests that the value of the global electronic music industry could fall from $7.3bn in 2019 to $3.3bn in 2020. It finishes with an optimistic note, though. “The positive trends which led to growth in 2019 should help fuel a strong recovery in the coming years.”
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