The Most Valuable Market in Music
Since it has gained huge mainstream traction in the U.S. it should come as no surprise that electronic music is big business. However, it is interesting just how much the genre has grown within just a year. On any given weekend there is a multitude of shows and festivals around the world, and small clubs with local DJ’s which is all included in the overall market. A consulting firm, Massive Advisors, recently conducted a report titled “Electronic Dance Music: The Digital Pangea” on the market. The most astounding part of the whole report was the astounding valuation of $15-20 billion they gave the electronic music industry. On the festival side of things they, “evaluated 80 of the top global EDM festivals”. The festival market alone is 4.5 billion worldwide with new festivals popping up all time.
One of the fan favorites at these festivals, Tiesto, has been the top grossing DJ and made $22 million last year.
While everyone can enjoy the music the major market for dance music is between 18-35 and that age group has a large amount of expendable income. Which is great considering the price of food and water at venues. It may seem like artists never see the money spent on overpriced beers but for venues to even afford top EDM acts they have to charge that much. Tiesto averaged $250,000 per show.
The fact that the digital age has destroyed the sales of music thanks to piracy is being disproved by live music. That’s where the majority of the money is coming from so there no surprise seeing your favorite artists touring constantly. Unfortunately all is not PLUR for other genres with hip hop listeners (via last.fm) dropped by 78% while EDM increased by 190%.
If your looking to pursue music for the money now you know what type of music to make. Otherwise continue as a starving artist playing local bars.
*We don’t condone entering music just for the money