Dance music pinning ‘Roaring Twenties’ hopes for recovery from pandemic losses – News
The COVID-19 pandemic is expected to have had a dramatic impact on the global dance music industry with losses of 54% up to $ 3.5 billion in 2020 – the highest valuation low for a decade after steady growth since 2012.
The results released by the International Music Summit (IMS) activity report paint a picture of mixed fortunes in 2020 – as the industry as a whole has shrunk, the DJ software and hardware industry has lost value. experienced a 23% increase.
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The valuation of recorded music increased by 7%, but the share of electronic music in this sector decreased by 11%.
Although dance music revenue surpassed $ 1 billion for the first time, the popularity of dance music seen by streaming services such as Spotify has seen a decline in these genres.
The global festival and live music industries have been hit the hardest, losing 73% of their value – but are expected to rebound by rapidly increasing its value by 160% in what the top dubs “the new roaring twenties.” The value of festival tickets sold in March 2021 alone was higher than in the whole of 2020.
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Live streaming was the biggest achievement of 2020 with 1.2 million users following electronic music-focused Twitch accounts.
Defected recorded 140,000 more YouTube subscribers than expected, while Beatport grew 33% despite a 16% drop in downloads, securing 106,000 more fans on YouTube.
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The game is considered one of the contributors to COVID-19 electronic music revenue – the soundtrack producers of a number of the top-grossing games in 2020 have created opportunities for discovery and engagement for fans of video games.
The representation of people of color in dance music appeared to slow down in 2020 with no change in the composition of the Top 100 DJs – although the share of female DJs has increased.
The IMS Business Report comes from 35 datasets recorded in 18 countries and interviews and testimonials from 22 industry figures. You can read it here.
Megan Townsend is Mixmag’s Associate Digital Editor, follow her on Twitter