We all know EDM has been on the rise for some time now; however, the staggering statistics announced at this year’s sixth annual International Music Summit should surprise even the most avid EDM fans. Founded by the legendary Pete Tong, the IMS is a three day music conference in Ibiza that draws in the biggest names from the business side of EDM. The event has become somewhat of a spectacle. An electric vibe and a sold out crowd drawing in people from all parts of the dance music space from around the globe including artists, producers, managers, publishers, digital agencies, bloggers, lawyers, club owners, and more.
Perhaps the most fascinating of the highlights from the first day, were the statistics mentioned by market researcher Kevin Watson. According to Watson, the global EDM industry is now worth over $4.5 billion annually. Just in festival growth in the USA alone last year, capacity grew by 500,000 attendees. This all followed up from the previous year (2011-2012) when the sales of electronic tracks increased 36%, more than any other genre. Buckle your seat belts and get ready for many more years of growth and excitement in the industry. We are nowhere near the peak. Patrick Moxey, founder of Ultra Music and IMS contributor, said it best, “There is no bubble to burst, because everything you see is organic. The music is just getting stronger. Let’s make the most of this moment.”