The dance music industry has seen an unprecedented era of growth over the past few years globally, but more specifically in North America. According to a new study by Danceonomics presented at the recent IMS Engage Conference in Los Angeles, the global market can be valued at $6.2 billion, while the North American market swelled to 30 percent of that at $1.9 billion. The study took into account revenue drawn from music sales and streams, festival and club income and other DJ-centric sources including like Soundcloud and DJ technology.
Authored by Kevin Watson of Danceonomics, he used various sources to gather his information including social media followers, DJ fees, Nielsen Soundscan data and Eventbrite.
In the United States, dance music digital track sales increased 50 perfect since 2011, though albums slipped since 2013. It is noted that this could be an anomaly after steady growth.
Dance music is the fourth most streamed type of music in both the United States and Canada after rock, pop and hip-hop, accounting for 7 percent of streams in the United States and 10 percent in Canada.
The study cited findings from Eventbrite, a ticketing company, which stated that 26 perfect of all nightlife events in the U.S. were EDM related and the 12 highest grossing clubs in the United States earned over half a billion dollars in revenue in 2014.
Festivals are a major source of revenue for the industry. Attendance held steady in the United States at EDM festivals at 1.4 million, which is attributed to Ultra Music Festival reverting back to one weekend in 2014. Canada adds an additional 400,000 attendees at its various festivals. Cited research suggests that U.S. fans are 13% more likely to attend a festival than the average consumer.
Check out the full survey over on Danceonomics.
