The Global EDM Market hit close to $7 billion this past year, according to the IMS Business Report 2015, released last week. According to the report, the EDM business worldwide had a value of $6.9 billion in 2014, which accounts for a 12 percent rise in revenue from 2013. The report estimates that North America accounts for 29 percent of the global market, which translates to $2 billion.
Though the EDM genre is continuing to grow worldwide, its growth has slowed when compared to past years. For example, in 2013, market revenue for EDM grew 37 percent in 2013, whereas this year, the growth is only at 12 percent. In addition, the growth rate for the top earning DJs in EDM rose only 12 percent last year, as opposed to a 43 percent growth rate in 2013. Lastly, EDM's share of U.S. track sales was stagnant from 2013 to 2014, with 4.6 percent of all tracks bought in the U.S. being EDM tracks.
With that being said, EDM is still a cash cow. As noted in an article we posted last week, which listed the world's richest DJs, the top moneymaker, Calvin Harris, earned a staggering $66 million between March 2014 and March 2015, with a total net worth of $110 million. DJ Tiesto comes in a close second, with a net worth of $105 million, and Avicii comes in third with a respectable net worth of $75 million.
The effect of EDM can be seen not only in the net worths of DJs, but also in the sales of festival attendance and the sales of DJ equipment. 1.4 million people attended EDM festivals last year, accounting for a 1,000 percent increase since 2007. In addition, sales of DJ products in the U.S. reached $139 million last year, accounting for a 19 percent rise from 2013. The U.S. accounted for 40 percent of the $350 million global market for DJ products. While the sales of DJ products continue to rise, it appears that it may be affecting the sales of traditional instruments. According to a report, the sales of instrument amplifiers fell two percent, the sales of stringed instruments fell three percent, and the sales of percussion instruments fell four percent.
Though EDM is a relatively new genre, it has continued to grow on a yearly basis and seems to be here to stay for a long, long time.