Global EDM Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global EDM Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Electronic dance music (also known as EDM, dance music, club music or simple dance) is a series of electronic music types of percussion, mainly used in nightclubs, carnivals and festivals. It is usually played by DJs who create seamless track selections, called mixes, from one recording to another.

Market Overview:

The latest research study on the global EDM market finds that the global EDM market reached a value of USD 5123.73 million in 2022. It’s expected that the market will achieve USD 9146.54 million by 2028, exhibiting a CAGR of 10.14% during the forecast period.

The overall market value of the electronic dance music industry has hit a new low. The current global value of the industry is at a low, the likes of which were last seen a decade ago. Over the past ten years, the value of the EDM industry has seen consistent growth. But the onset of the pandemic has proved to be a major setback, with the industry’s value over the past year dropping.

Unsurprisingly, the biggest factor in this decline has been the shutdown of the live music industry. The closure of venues and cancellation of festivals saw a loss. Another factor being reported is the decline in the relevance of dance music. In the absence of dance floors and spaces where dance music is usually consumed and supported, the share of electronic music within the value of all recorded music dropped.

On the flip side, however, there has been significant growth in other markets such as the software and hardware industries and online markets. Spurred by DJs having to play from home during the lockdown, the value of the software and hardware industry boomed to an all-time high.

With countries with major markets slowly reopening their live music sectors, clubs and festivals are mostly expected to recover. Other opportunities born from a lockdown are also expected to contribute to the recovery of the industry as a whole. This includes the recent merging of the electronic music industry with the fashion and luxury brands industry, as seen through labels such as Chanel, Prada, and LVMH collaborating with electronic music artists and DJs to soundtrack their campaigns and runway shows.

Strength

A number of cultures and languages produce electronic dance music. Due to the commercialization of electronic dance music, its demand is increasing. Electronic Dance Music is very popular among millennials also their stars and artists are increasingly making more money than other types of music. Moreover, since 2010, live festivals and carnivals have been the driving force behind thriving EDM market. The annual trend of Tomorrowland and festival like Electric Daisy Carnival is expected to boost the electronic dance music market.
YouTube has been a booster to the electronic dance music market by incorporating subscriptions in different areas. Various social media platform like YouTube and Instagram makes the market more competitive where user can virtually experience their favorite DJs. These platforms leverage tremendous support to less experienced DJs who are new to the industry, which drives the electronic dance music market.

Weakness

EDM market is primarily experiencing falls due to the recent COVID19 pandemic and social distancing norms. Record falling in DJs earning and shutting down of numerous nightclubs is a major concern that spells a bleak future for the EDM market. There are stringent government policies in many countries to adhere to lockdown which further act as a deterrent to the growth of the electronic dance music market

Region Overview:

In 2022, the share of the EDM market in Europe stood at 36.62%.

Company Overview

Spotify, SoundCloud, Ultra Music, Ministry of Sound and Monstercat are the five key players in the global EDM market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Electronic dance music market in the past 5 years.

Spotify

Spotify is a Swedish audio streaming and media services provider founded on 23 April 2006 by Daniel Ek and Martin Lorentzon. It is one of the largest music streaming service providers with over 406 million monthly active users, including 180 million paying subscribers, as of December 2021.

SoundCloud

As the world’s largest music and audio platform, SoundCloud lets people discover and enjoy the greatest selection of music from the most diverse creator community on earth. Since launching in 2008, the platform has become renowned for its unique content and features, including the ability to share music and connect directly with artists, as well as unearth breakthrough tracks, raw demos, podcasts and more. This is made possible by an open platform that directly connects creators and their fans across the globe. Music and audio creators use SoundCloud to both share and monetise their content with a global audience, as well as receive detailed stats and feedback from the SoundCloud community.

Segmentation Overview:

Among different product types, House segment is anticipated to contribute the largest market share in 2027.

House

Emerging from Chicago’s club music scene, house music was a largely instrumental sound that featured repetitive disco rhythm with percussion crafted on a drum machine and various percussive instruments for a Latin or soul feel. One of its many subgenres, acid house, featured altered drums with a distinct “squelching” sound. Frankie Knuckles and other Chicago-area DJs are credited with launching house.

Techo

Early electronica artists like Giorgio Moroder and Kraftwerk were pioneers of techno music’s continuous, otherworldly sound, driven by a repetitive, common beat under synthesizers and other electronic gear. Its sound evolved almost constantly during the 1980s and 1990s, sprouting offshoots in Chicago, Detroit, London, and Germany; early media coverage of EDM used “techno” as a catch-all term for the music scene.

Trance

As the name suggests, trance music is intended to put the dancer into a trance-like state of consciousness. Producers typically build trance tracks around a single chord, melodic variations, and layered glimmers of sounds, including vocals and percussion. It’s one of the few EDM genres that stands up to listening when you’re off the dance floor. Its major artists include DJ Armin van Buuren, Paul Van Dyk, Tiesto, Paul Oakenfold, and John Digweed.

Dubstep

Dubstep emerged from London in the late 2000s, spawned from both the stripped-down sound of Jamaican dub and drum and bass. The tone is generally dark—lots of minor keys—but its distinguishing feature is its heavy bassline, which rumbles and wobbles through each track. Notable dubstep artists include Skrillex, Diplo, and Major Lazer.

Application Overview:

The market's largest segment by application is the segment Clubs and Festivals, with a market share of 46.35% in 2022.

Key Companies in the global EDM market covered in Chapter 3:

Dim Mak
Toolroom Records
Mixcloud
Mad Decent
SoundCloud
Armada Music
Revealed Recordings
Spinnin’ Records
Monstercat
Ultra Music
Spotify
OWSLA
Ministry of Sound
Dirtybird Records
Defected Records

In Chapter 4 and Chapter 14.2, on the basis of types, the EDM market from 2018 to 2029 is primarily split into:

House
Techo
Trance
Dubstep
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the EDM market from 2018 to 2029 covers:

Software and Hardware Sales
Music Sales and Streaming
DJ and Artist Earnings
Clubs and Festivals
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)