Dance Music's Best Years: Industry Grows 34% in 2022
David Guetta's Assertion Proves Positive: Dance Music Industry Grows 34% in 2022EDM enthusiasts can rejoice as the 2023 IMS Business Report, a compilation of dance music data from the prior calendar year, claims that the industry grew 34% in 2022. This news comes as a confirmation of David Guetta's bold claim in late 2021 that dance music's best years would arrive in the aftermath of the pandemic. Mark Mulligan, Managing Director of MIDiA Research, even states that this is not just about bouncing back, but bouncing back and almost bouncing off the trampoline.
The industry's growth can be observed by the monetary rise that artists are receiving from streaming services. Since the genre's humble beginnings in the 1970s, electronic dance music's popularity has reached stratospheric heights, with EDM festivals and clubs all over the world now worth $2.5 billion. In fact, it has reached such popularity in the Music industry that specific tracks from the EDM sector are generating the most money for their artists from local streamers in specific countries.
According to Net credit’s research data collection between January 6 and 11 , 2023 , by retrieving each country's 'weekly totals' chart from Kworb, they found results on 14 countries where Roses (Imanbek Remix) by SAINt JHN is the highest-earning EDM song, generating the most money ($369k) in Canada.
The Chainsmokers claim the highest-earning EDM song on Spotify, with their 2016 hit Closer making the most money in the U.S. ($2 million).
Meanwhile, Elton John and Dua Lipa's song Cold Heart (PNAU Remix) comes up top in 12 other countries, earning the most in Mexico ($602k). This analysis determined the most streamed song for each genre by using the Spotify API to sort artists into their associated genres, where EDM refers to any mention of "electronic dance music" or "EDM." The number of total streams for each song was multiplied by Spotify's payout-per-stream figure, which equals $0.005 per stream (as sourced from Ditto Music).
Below there is an overview of the top 5 songs that earn the most in the EDM world.
Closer- The Chainsmokers (US)
$2,024,386
Hear Me Now - Alok (Brazil)
$682,622
Wake Me Up - Avicii (Sweden)
$653,671
Head & Heart - Joel Corry (UK)
$651,519
In My Mind - Dynoro (Germany)
$650,342
In 2021 alone, streaming platforms like Spotify paid out $7 billion in royalties to the music industry, making it clear that streaming is a significant source of income for artists.
In conclusion, the 2023 IMS Business Report confirms David Guetta's assertion that dance music's best years would arrive in the aftermath of the pandemic. The growth of the industry is evident by the monetary rise artists are getting from streaming services. This type of report and data collection research brings attention to the importance of observing emerging trends in the EDM industry outside the live sector, for example user-generated content and AI technologies, the rise of artist-led digital communities and new age avenues to new music discovery.
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Written by Luna Mongrut