Pete Tong’s International Music Summit (IMS) is currently happening on lovely Ibiza island and has delivered some interesting numbers yesterday. According to a new report, the electronic Dance music industry is worth US$ 6.2 billion. The report breaks down all the components and pieces that are relevant for daily EDM business and specifies revenues like this:

major festivals ($1.03 billion)
Las Vegas clubs ($800 million)
other global club events ($2.4 billion)
DJ software and hardware sales ($360 million)
DJ earnings from other sources ($60 million)
streaming/video services ($600 million)
the total value of music streaming services such as Soundcloud ($140 million)

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This shows very detailed that income from traditional sales is only at 22,5%; the main money is made with festivals. No surprises here, I guess…

Things never went better for our beloved music!!!

(Picture source: Papercraftcentral)