A new report from Wise Guy Reports has projected that the global electronic music market will reach $24.5 billion by 2032. The research consultancy discovered that the industry is set to continue its growth from its current net worth of $12.02 billion in 2024. The current leader of the genres in the market is house music with $3.5 billion, followed by techno with $2.5 billion, and trance and drum ‘n’ bass are neck and neck at $2.3 billion each. Dubstep is the fifth genre with a value of $1.4 billion.
North America currently holds the most significant global market share with a value of $3.5 billion. It is projected to retain its position, with the market estimated to double to $7.15 billion by 2032. Europe, too, is set to continue closely following with its value of $3 billion expected to expand significantly reaching $6.1 billion.
The study suggests that the ascendency of music streaming channels and the developing attraction of electronic music events and festivals are key market drivers. Electronic music events are becoming more and more popular and profitable, contributing more revenue to the market. It is also noted that the availability of music streaming platforms such as SoundCloud, Apple Music, and Spotify, provide opportunities for electronic music genres to be consumed by a wider audience than ever before. Not to mention, the promotion of the genre in films, video games, and virtual reality is leading to more success.
Also, the study claims that the introduction of user-friendly production tools has led to a growth in electronic music enthusiasts, while the prospect of AI to “enhance” music production may result in growth for electronic genres. To download the report and know more about it, click here
Read the full article from Mixmag here: Read More
