The Electronic Music Industry Is Now Worth over $7 Billion

It’s no surprise that electronic music is one of the fastest growing genres worldwide. You probably won’t go a day without seeing something about it on Facebook, hearing about it from your friends, or even just hearing it on the radio. Heck, you’re reading this on Run The Trap right?? Well in this year’s International Music Summit in Ibiza many movers and shakers from the industry met up to discuss the state of the industry. Based on this report that they just released it most certainly is booming. There are a lot of things to be taken away from this report, but let’s try and break it down a bit and get a glimpse into what’s going on.

In the United States, we’ve seen a 33% rise of streams in electronic music meaning that electronic music and songs of various types have been streamed 15 billion times.

This rise can be seen especially in Spotify as the report claims electronic music “dominated” with Major Lazer and MØ’s ‘Lean On’ becoming the most streamed song of all time on Spotify and Kygo taking the cake for the fastest artist to reach a billion streams in a year.

Two of the things I found most interesting was the spread of electronic music globally and also the number of people attempting to enter the industry. Streaming revenue growth is interestingly being spearheaded by Venezuela and China, and China has the same number of new venues (4) as the United States and Europe do in the DJ Mag Top 100 Venues.

Back in the United States though, DJ controller purchases have also fueled the rise of DJ equipment sales with digital DJ controllers coming in at 14.5% of total revenue and turntables accounting for 10% of total revenue. So when your friends say everyone and their grandma is becoming a DJ, it’s most likely true.