According to a new report issued at the International Music Summit in Ibiza May 21st, electronic dance music is now a $6.2 billion global industry. EDM trade group the Association for Electronic Music (AFEM) compiled the figure to include revenue from festivals ($1.03 billion); Las Vegas club dates ($800 million) and other international club gigs ($2.4 billion); 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 such as Soundcloud ($140 million).
Avicii, Calvin Harris, and David Guetta have been massive commercial hit-makers for some time, but now we also have the next generation DJs like Hardwell, Zedd, and Nicky Romero who are showing the highest margins of growth in their social media likes and followers. Each increased their followers by more than 350% apiece in 2013, according to data from Rankings EDM Monitor. Hardwell in particular quadrupled the fans he added per day year-over-year, when comparing a three-month period from Feb. 5 to May 5 in 2013 to 2014. Hardwell saw as many as 70,000 new fans on social-media a day during Ultra Musical Festival Miami 2014.
Via: Billboard/Photo cred: Facebook