The International Music Summit (IMS), a platform for business, culture and education in the field of electronic music, has published the results of its latest research.
Analyzes are conducted on an annual basis by analyst Kevin Watson using data obtained from a number of industry professionals around the world.
This year’s detailed study was on data from 2020 in which the coronavirus pandemic significantly affected electronic music and virtual entertainment.
The most important ones:
- The value of the global industry is predicted to be $3.3, a fall of 56% from $7.3 in the previous year
- Dance/electronic clubs & festivals could lose 75% of their income in 2020, equivalent to $3.3
- DJ and artist income could fall from $1.1 in 2019 to $0.4 in 2020, a drop of 61%
These data are based on the current situation in the world caused by the coronavirus pandemic and isolation. As economies open, shifts and growth are expected in the next 5 to 10 years
By April 20 approximately 350 Electronic festivals had been cancelled or postponed, with 8.9m fans unable to attend scheduled events
Current alternatives to canceled events are live streams, drive in performances and dance floors with measures of physical distance.
The pandemic opened the door wide to live streaming resulting in 127 million views of content related to electronic music, and this spurred the growth of following the social profiles of various brands and musicians.
Revenue from charities generated through these services also increased by $ 3.6 million.
In May 2020, 7 of the 10 most watched music streams on Twitch were electronic music focused, totalling 6m viewer hours
The continued growth in streaming is expected to generate $0.1 additional revenue for Dance/Electronic in 2020
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