With live music only just returning after a year and a half, it comes as no surprise that the music industry across the board saw immense losses. In the most recent IMS business report, it has now been revealed that the electronic music business has seen an overall decline of 54% in 2020. The $3.4 billion lost over the year came mostly from music festivals, which have typically been where most of the revenues come from.
While 2020 saw a steep decline in revenue for the electronic music business, and led to the lowest revenue in 10 years, 2021 is already seeing things pick back up. While revenue for 2021 is expected to still be lower than most years as live venues slowly continue to reopen, there is hope that revenue will only continue to grow in the coming years.
While revenue was lost in the form of live music, other avenues saw growth in 2020. Livestreaming allowed for Twitch to register 1.2 million new users, while Beatport experienced a 33% growth margin. Revenues for recorded dance music pushed past $1 billion in 2020, with global recorded revenue growing 7%. Vinyl sales also grew in 2020, up by 24% in total.
According to the IMS business report, ticket sales skyrocketed in 2021, and had been up by 3999% in March 2021 compared to the year before. While last year saw the global electronic music industry tumble in value, a steady swing in the opposite direction is on the horizon.
Download the full IMS business report here.
Featured image: Insomniac Events