At the end of May, the International Music Summit made a 2016 business report that focused on the electronic music industry. The report, presented by Kevin Watson at the Hard Rock Hotel in Ibiza, shows that things are looking quite good for our favorite music genre.
Globally, the electronic music industry is now valued at a whopping $7.1 billion dollars, which marks a 60 percent increase from three years ago. Thanks to increased streaming and DJs blowing up on online platforms, the outlook is that EDM will continue to grow.
Check out these other facts from the report:
- In the United States, dance music is the fifth most popular genre for streaming.
- EDM swept Spotify, with Major Lazer‘s “Lean On” becoming the most streamed song of all time with 540 million streams. Kygo was the fastest artist to reach one billion streams in a year.
- Kygo added an average of 7,000 social media followers per day over the past year.
- Compared to other genres, EDM is the only genre to grow significantly in Google searches since 2009.