According to IMS Ibiza, the electronic music industry’s worth has risen by 6% year-on-year. From recorded music, to festivals, and merch, it all counts towards the profit.
An annual report has been issued by IMS Ibiza, and it shows electronic music is continuing to rise. In 2024, it hit a global with of $12.8 billion, which is a 6% increase from the previous year. There will always be a space for this kind of genre.
The recorded data includes, publishing, recorded music, festivals, clubs, sponsorships, agency fees, hardware and software sales and merchandise. Basically anything that contributes to the overall earnings of the electronic industry.
If it helps create the music, or is part of the reason the music is online to be streamed, then it contributes to the overall revenue. Worldwide, it seems Mexico, the UK, and Germany are the biggest electronic music lovers.
Mexico is the fastest growing country in terms of interest in electronic music. The growth is 60% compared with the previous year. However, it’s important to note, this spike could be the result of improved AI music making systems.
In 2024, AI music making really took off. Programs became more accessible and technology strengthened. More individuals had access to the tools they needed to create music. It’s said 10% of consumers used AI to make their tracks.
