Electronic music market projected to double in worth to $39 billion AUD by 2032
According to a forecast from market research firm Wise Guy Reports, house music is worth an estimated $5.6 billion AUD alone.
This article originally featured on Mixmag global.
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The global electronic music market is projected to hit $24.5 billion USD by 2032, according to a forecast from Wise Guy Reports.
The market research consultancy found that the dance music industry is projected to grow from its current estimate of $12.02 billion USD in 2024, to $24.5 billion USD by 2032.
In terms of genre, house music currently dominates the market with a market value of $3.5 billion, followed by techno ($2.5 billion USD), trance and drum 'n' bass (both $2.3 billion USD) then dubstep ($1.4 billion USD).
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North America, which currently has the largest share of the global music market at $3.5 billion USD, is projected to continue dominating with a market share rise to $7.15 billion USD by 2032. Europe meanwhile is projected to continue to closely follow with its $3 billion valuation expected to reach $6.1 billion USD.
The report credited the rise of music streaming services, as well as the growing pulling power of electronic music-focused events and festivals, as key market drivers.
It noted how the proliferation of music streaming services, such as SoundCloud, Apple Music and Spotify, have resulted in dance music reaching wider audiences than ever before — alongside dance music proliferating new media forms, such as video games and virtual reality.
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The report claims that advancements in user-friendly production tools have led to an increase in electronic artists, while the potential for AI to "enhance" music production could also lead to growth for electronic genres.
You can download the report and read more, here.