Digital Music Business Tops $6 Billion In 2021, Makes Key Strides In Web3: IMS Enterprise Report – EDM.com
In accordance with the newly printed annual IMS Business Report 2022, digital music continues to have an optimistic development trajectory in a wide range of key areas.
As a sector, digital music was valued at $6 billion in 2021, which is up 71% from 2020, however down 20% from 2019. All through the report, encouraging indicators of the business bouncing again within the aftermath of the pandemic proceed to be obvious. Metrics together with the variety of festivals that guide digital artists and the amount of search outcomes for flights to Ibiza are up considerably year-over-year, however there’s nonetheless floor to cowl relating to attaining the pre-pandemic ranges of 2019.
Whereas the world was in a variable state of lockdown during the last two years, dance music made key strides within the digital enviornment. In 16 of 28 Spotify streaming territories studied, digital music’s share grew within the Spotify High 200 charts. Much more impressively, because the downloads market declined 15% as a sector, Beatport countered the pattern by posting 13% development final 12 months. Stylistically, tech home and techno proceed to reign supreme on the music market, the place they’ve remained dominant during the last three years.
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Streaming providers weren’t the one means by which artists related with followers within the pandemic period. NFTs are enjoying a revolutionary position within the creator economic system, and dance music artists are on the forefront of adoption.
“In the course of the pandemic, the know-how skyrocketed… We’ve seen builders push the tech and the use-cases a lot—it blows my thoughts how a lot it advanced in such a brief time frame,” mentioned Chloe Janicki, Head of Web3 for deadmau5’s 720mau5fund.
Digital artists had been first on the scene and have grow to be early winners of the pattern. In accordance with the report, seven of the highest 10 most in-demand artist NFTs are by dance artists the likes of 3LAU, Steve Aoki and extra.
Uncover the remainder of what unfolded in digital music and the place the business is headed with the complete IMS Enterprise Report. Merely enroll here to obtain the complete obtain.