The electronic dance music (EDM) market is anticipated to increase to a value of US$ 9.68 billion in 2023 and is anticipated to rise at an 8% CAGR from 2023 to 2033 to reach US$ 20.9 billion in 2033.
The electronic dance music market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving electronics dance music market
Music is a valuable service to society and a thriving business which is gearing toward a high growth market and lucrative business worldwide. It has been incorporated to mainstream popularity in early 1990s.
There are different forms of electronic dance music, popularly known as dance music, pub music etc. It is a wide range of electronic music genre which is played largely in nightclubs, festivals and raves. It is primarily produced for playback where DJs create a seamless sequence of track with mixed recordings.
EDM Market Overview
Over last several years, electronic dance music has gained tremendous popularity. Though, market share has fell significantly in the USA & UK, however globally it has registered a decent revenue.
Electronic Dance Music Market: Key drivers and restraints
Since 2010, live festivals and carnivals have been the driving force behind thriving EDM market. The annual trend of Tomorrowland and festival like Electric Daisy Carnival is expected to boost the electronic dance music market.
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EDM market is primarily experiencing slow growth due to recent COVID19 pandemic and social distancing norms. There are stringent government policies in many countries to adhere lockdown which further act as a deterrent to the growth of electronic dance music market
YouTube has been a booster to the electronic dance music market by incorporating subscription in different areas. Same results were recorded on smartphones and televisions. The subscription on gaming console was much higher than smartphone and televisions which has revolutionised the dance music industry.
However, record falling in DJs earning and shutting down of numerous night clubs is a major concern which spells a bleak future for EDM market.
Electronic Dance Music Market : Region-wise Analysis
Electronic dance music is still popular in Europe which produced maximum DJs. Its home to several biggest festivals. Public participation rate in EDM is much higher in Europe. According to Forbes report, 1 out of 7 people recently attended EDM festival in Europe. Even though share of recorded dance music fell significantly it has rebounded in Germany & Canada
North America is second largest electronic dance music market, though it is traditionally slow in adapting the concept of dance music. In recent years it has seen tremendous growth with numerous festival
Electronic Dance Music Market: Competitive Landscape
Popular DJs dominating the EDM market are Calvin Harris, The Chainsmokers, Nina Kraviz, Amelie Lens, Charlotte de Witte IFPI survey ranks dance as world’s 3rd most popular genre. The same survey reported that techno is consistently the best-selling genre. Female DJs are gradually started dominating EDM market, still there is gender gap.
Various social media platform like YouTube and Instagram makes market more competitive where user can virtually experience their favourite DJs. These platform leverages tremendous support to less experienced DJs who are new to industry.
Videogame industry is going to be the next avenue for DJs & artists. DJs worldwide are pioneering a new virtual terrain by collaborating with video game producers In Feb 2019, Marshmello hosted a tremendous performance for popular online game Frontline. The virtual concert was record-breaking and attended over by more than 10 million people.
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Region-wise Analysis
- North and Latin America (US, Canada & Brazil)
- Europe (UK, Germany & France)
- Asia Pacific (China, India & Japan)
- Middle East & Africa
Electronic Dance Music Segment Analysis
The Electronic Dance Music Market can be segmented based on the following:
Dance Music by Type
- Electro
- Post-Disco
- Rave
- Techno
- Synth-pop
- House Music
- Dubstep
Dance Music by Genre
- Pop
- Soundtrack
- Hip-Hop
- Classical
- R&B
By Application
- Health Sector
- Home Automation
By Hosting Platform
- Restaurant & Hotel
- Night Clubs
- Rave party
- Annual festival
- YouTube & Instagram
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