UG editorial team. A group of people who are passionate about guitar and music in general.
Posted on Jun 25, 2014 02:39 pm
A new report issued last month at International Music Summit in Ibiza, Spain has valued the newly-established electronic dance music (EDM) industry at a staggering figure of $6.2 billion.
Compiled by Association for Electronic Music (AFEM), the given number takes into account festival revenues ($1.03 billion), Las Vegas club dates ($800 million) and other global club gigs ($2.4 billion), traditional recorded music sales ($800 million) and streaming/video services ($600 million), as well as DJ software and hardware sales ($360 million), DJ earnings from other ventures ($60 million) and value from other platforms like Soundcloud ($140 million).
As Billboard reports, EDM was the only genre to score higher year-to-year gains in 2013, as well as DJs' earnings, with The top 10 DJs on Forbes' 2013 Electronic Cash Kings earning a total of $225 million, nearly double the $114 million earned by the Top 10 back in 2012.
Furthermore, EMD's big 10 has earned nearly $10 million more than last year's global Top 10, meaning that Avicii, Guetta and co. are earning more than the likes of Bruce Springsteen, Roger Waters and Bon Jovi.
Additionally, the $6.2 billion figure was even dubbed a conservative one. "The $6.2 billion may be what's spent on tickets or clubs or drinking, but I view it as the millennial industry in general, and advertising toward that audience. You add that to that $6.2 billion and it’s something much bigger that you're playing for," said Kraig Fox, a senior managing partner at the Guggenheim Partners investment firm.
Discussing the EDM craze, Chris Cornell of Soundgardenhas predicted a major rock revolution coming as a direct response, comparing today's state to the peak of disco fever. "All of the sudden then you had punk rock, that came as a reaction to it, where everyone said: 'You know, this sucks.' So maybe that will happen now," the singer told Howard Stern.