The electronic dance music (EDM) market is expected to grow to a valuation of US$ 9.68 billion in 2023 and is poised to exhibit a CAGR of 8% from 2023 to 2033 to reach US$ 20.9 billion in 2033.
Music is a vital contribution to society as well as a lucrative business that is on its way to becoming a high-growth market and profitable business globally. It achieved mainstream popularity at the beginning of the 1990s.
There are various types of electronic dance music, such as dance music, and pub music, among others. It is a broad electronic music category that is commonly heard in nightlife, carnivals, and raves. It is primarily designed for playback, with DJs producing an effortless sequence of tracks from diverse recordings.
Electronic dance music has become more prevalent over the last few years. Though its market share has dropped considerably in the United States and the United Kingdom, it has maintained healthy profitability worldwide.
Live celebrations and festivities have been the key driver behind the burgeoning EDM industry since 2010. Tomorrowland and other festivals, such as Electric Daisy Carnival, are anticipated to expand the electronic dance music market.
The enhanced usage of social networking sites to advertise the latest electronic dance music (EDM) market entrants has dramatically enhanced that genre of music. Because of the presence of social media and its consumers, new music and album sales have been released, along with teasers, trailers, and advertising for various seasonal celebrations. Wearable technologies that aid DJs in managing music, dropping beats, and other practices may also be beneficial to the industry. Using greeting mode built into such wearable technology, which is obtainable to end users, the stage luminaires can be customized to fit the song's ambiance and boost optimism among people in the crowd.
According to the dance music genre, the pop segment is expected to dominate the market during the forecasted market decades. The health sector is projected to be the market leader in terms of application during the projected timeframe.
Electronic dance music remains prevalent throughout Europe, which has generated the most DJs. It is the location of several major festivals. In Europe, community engagement in EDM is much greater. As per Forbes, one out of every seven people recently participated in an EDM festival in Europe. Despite a significant drop in recorded dance music percentage, it has recovered in Germany and Canada.
North America ranks as the second largest market for electronic dance music, despite being historically slow to adopt the idea of dance music. It has grown tremendously in recent years, with multiple festivals. Since more celebrations are being organized across North America, and because the US hosts the largest celebrations that attract large crowds, the industry for electronic dance music (EDM) is continually widening in the region. Electronic dance music is now among the most prominent genres of music in the region due to the young citizenry's enthusiasm for joining raves and occasions which include dancing. Owing to these attributes, the North American market is expected to grow.
Calvin Harris, The Chainsmokers, Nina Kraviz, Amelie Lens, and Charlotte de Witte are renowned DJs who dominate the EDM market. According to an IFPI study, dance is the world's third most popular category. According to the same survey, techno is continuously the best-selling genre. Female DJs are slowly taking over the EDM market, yet there is a persistent gender disparity.
Different social media platforms, such as YouTube and Instagram, create the industry more competitive by allowing individuals to virtually perceive their favorite DJs. These platforms provide immense assistance to less competent DJs who are new to this field.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 9.68 billion |
| Anticipated Forecast Value (2033) | US$ 20.9 billion |
| Projected Growth Rate (2023 to 2033) | 8% CAGR |
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.
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Over last several years, electronic dance music has gained tremendous popularity. Though, market share has fell significantly in the USA & United Kingdom, however globally it has registered a decent revenue.
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
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.
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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
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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Electronic Dance Music (EDM) Market
