The latest IMS Business Report for 2024 has shed light on the booming electronic music scene, showcasing a remarkable 17% growth in the industry, reaching a staggering value of $11.8 billion (€11bn) last year. Presented at the annual IMS Ibiza conference, the report highlighted the surge in live revenues, which saw a remarkable 35% increase in 2023, making it the highest growth sector.
Authored by MIDiA Research’s Mark Mulligan, the report emphasized the resilience and vitality of the electronic music industry, with festivals and clubs contributing nearly half of the industry’s total revenue. Notably, Ibiza club ticketing revenue soared to €141 million, marking a 14% increase year-on-year and a remarkable 76% surge from pre-pandemic levels in 2019.
“The pandemic may have disrupted the live music sector, but it has also sparked what Pollstar hailed as a ‘new golden age’ for live music,” the report stated. “The pent-up lockdown interest has translated into two years of increased demand, with tickets being sold at higher prices and in larger quantities.”
The study highlighted the significant growth in festivals, clubs, recordings, and publishing, with Tomorrowland’s TikTok LIVE reaching an impressive 16 million unique viewers across its festival weekends. Tomorrowland emerged as the biggest festival account on the platform, boasting 5.7 million followers.
Ben Turner, co-founder of IMS, underscored the deep integration of electronic music into mainstream culture, emphasizing the genre’s omnipresence in society. “The valuation showing continual growth post-pandemic reflects the pent-up demand experienced in 2022 and a new generation that is passionate, loyal, and eager to explore,” Turner remarked.
The report also addressed gender issues within the industry, with 82% of participants acknowledging progress in diversity of lineups and employees. However, concerns were raised regarding the safety of performing environments, reporting measures for inappropriate behavior, and ensuring safe collaboration spaces, indicating a perception gap between perceived progress and actual challenges faced by women creators.
As the electronic music industry continues to thrive, the report underscores the importance of fair treatment and equitable pay for all creators, fostering a more diverse and inclusive landscape for future generations.
