Once upon a time, I used to believe EDM was “just a fad” that would go the way of the proverbial musical buffalo, like disco. That logic was silly considering what’s on the line: EDM is serious business these days, raking in Brinks truck after Brinks truck of cash. When you’re an industry where jobs and an entire mico-economy of people who depend on you is on the line, you don’t just “fizzle out” to the next whimsical music trend, especially in the social media era where you can be hyper-connected directly to the fan base.
According to a report issued at the International Music Summit in Ibiza on Wednesday, the EDM industry — as an industry — is worth a seriously staggering amount of money:
$6.2 billion dollars.
That’s a lot of coin. That’s Scrooge McDuck money. Perhaps that’s why all DJs are doing is cruising the festival circuit in Gulfstreams with Ableton loaded up.
So how are they making all that money? Here’s a breakdown, via Billboard:
As compiled by EDM trade group the Association for Electronic Music (AFEM), the figure includes revenue from festivals ($1.03 billion); Las Vegas club dates ($800 million) and other global club gigs ($2.4 billion); traditional recorded music sales ($800 million) and streaming/video services ($600 million); sales of DJ software and hardware ($360 million); DJ earnings from other ventures ($60 million) and value from other platforms like Soundcloud ($140 million).
Here’s a graph they put together:
With all that money on the line, I wonder when the industry will start getting itself in check with the party-culture it promotes, so that they can keep ravin’ on without media hysteria over kids getting hospitalized because they don’t know how to properly roll face.
I want more like this!
Follow us on Facebook and get the latest before everyone else.