These are HUGE numbers and we have to wonder when EDM will over take Hip Hop and Country as the dominate force in American (and Global) music.
The electronic dance music era that we live in has exploded into the scene in recent years, and its popularity seems to grow exponentially worldwide.
Kevin Watson, a strategy specialist, released a study which aimed toward coming up with a numerical value on the worth of the EDM industry. Presented last week in the International Music Summit in Ibiza, the research collaborated data from various sources such as Nielsen, Google, Forbes BPI, and the Official Charts Company.
According to the study, the industry is worth around $6.9 billion ($1.9 billion in U.S. alone) which is a 12 percent increase from the 2014 IMS Business Report.
The report revealed that “dance” music is the fourth most popular genre for streams in both USA Canada behind RB/hip-hop, rock and pop is not astonishing given the fact that EDM track sales are 1.5 times higher than they were in 2011 and have maintained 4.6 percent since 2013.
Dance streams in North America have gotten up to an estimated 12 billion (streams) in 2014, which accounts for 6.8 percent of total streams. It is quite apparent now that EDM is no longer an underground music genre, and that these figures reveal the fact that dance music can be considered mainstream now.
Whether that is a good thing or not is for avid fans to decide; it is important to note that the popularity of this genre provides better opportunity for young DJs to be discovered, which we can all benefit.
The full 2015 International Music Summit research can be view here.
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