{"id":2732,"date":"2022-04-27T21:15:09","date_gmt":"2022-04-27T19:15:09","guid":{"rendered":"https:\/\/www.prysmradio.com\/en\/?p=2732"},"modified":"2023-08-28T22:50:43","modified_gmt":"2023-08-28T20:50:43","slug":"electronic-music-industry-pioneers-the-nft-digital-space","status":"publish","type":"post","link":"https:\/\/www.prysmradio.com\/en\/2022\/04\/electronic-music-industry-pioneers-the-nft-digital-space\/","title":{"rendered":"Electronic Music Industry Pioneers The NFT & Digital Space"},"content":{"rendered":"
\n

International Music Summit (IMS), the leading platform for business, culture and education in global electronic music,\u00a0today released the full findings of the annual\u00a0IMS Business Report 2022\u00a0<\/strong>in a live presentation at IMS Ibiza 2022.<\/p>\n

The\u00a0IMS Business Report<\/strong>\u00a0presented by\u00a0PIXELYNX\u00a0<\/strong>and powered by\u00a0Viberate<\/strong>\u00a0aims to be the definitive account of electronic music business and cultural music trends covering every aspect of the industry. The data is based on IMS analysis of key facts and figures from decision makers, leaders, visionaries, and central organisations across the industry.\u00a0Providing vital statistics on the status and economic movement of the electronic music sector\u00a0with information from over\u00a0t<\/strong>hirty interviews\u00a0<\/strong>and\u00a0detailed analysis of over\u00a040 data sets<\/strong>, many exclusive to IMS.<\/p>\n

The report is produced for IMS by\u00a0David Boyle<\/strong>\u00a0head of\u00a0Audience Strategies<\/strong>\u00a0who has previously built global analytics and data insight capabilities for major companies including\u00a0The BBC<\/strong>\u00a0and\u00a0EMI Music<\/strong>\u00a0and has used data to help elect a\u00a0prime minister and a\u00a0president.<\/p>\n

With many key financial, economic and cultural finding in this year\u2019s analysis broken down in detail. With major themes emerging which can help to guide and inform the industry. These findings include:<\/p>\n

With total industry valuation at\u00a0$6 Billion<\/strong>, the\u00a0Dance<\/strong>\u00a0and\u00a0Electronic Music<\/strong>\u00a0market grew strongly in 2022 compared to 2020<\/strong>, up 71% but still not reaching its pre pandemic levels.\u00a0\u00a0\u00a0The recorded music market continued to grow also, including growth in physical sales.\u00a0Beatport<\/strong>\u00a0continues to buck the trend achieving\u00a013% growth<\/strong>\u00a0despite the downloads market declining by 15%.<\/p>\n

Festivals and clubs<\/strong>\u00a0bounced back in 2021, however not without challenges. Continued restrictions meant that record consumer demand couldn\u2019t be met. Events that were possible were often hampered by challenges with audiences, artists, staff and suppliers.<\/p>\n

DJ Software\u00a0<\/strong>and\u00a0Hardware<\/strong>\u00a0value up\u00a014%<\/strong>. The end of the 2020 home DJ boom was offset by the return to live, this too was hampered due to chip shortages and global shipping challenges.<\/p>\n

Web3<\/strong>,\u00a0Metaverse,<\/strong>\u00a0NFTs<\/strong>,\u00a0Blockchain<\/strong>,\u00a0DAOs<\/strong>\u00a0and\u00a0Technology<\/strong>\u00a0playing a fundamental part in the report, showcasing the adoption of new ways to build monetizable relationships with audiences.\u00a0Electronic artists pioneered NFTs<\/strong>\u00a0for digital collectibles.\u00a07 of the top 10<\/strong>are electronic music artists.\u00a064% of all identified music NFT issues worth $55.4m were issued by electronic artists.<\/strong>\u00a0Younger digitally native artists to cut out the middleman and build directly monetised relationships with fans.<\/p>\n

Gaming<\/strong>\u00a0is more than\u00a020x the size of the electronic music industry<\/strong>\u00a0and growing rapidly. With early commitment from major labels on a level not seen before, Sony has $250m in Fortnite and has just invested a 1$Billion in Epic games. Warner has eight figures in Roblox and a number of partnerships with digital experience companies. All amounting in hard cash investment bridging the entertainments digital and physical worlds.<\/p>\n

The report also found that in general\u00a0streaming doesn\u2019t pay<\/strong>, just\u00a01,650<\/strong>\u00a0electronic artists make more than $65k p.a. from their music, that\u2019s less than\u00a01.2%.<\/strong>\u00a0However\u00a0DJ & Artist earnings<\/strong>\u00a0were up<\/strong>\u00a0$0.4bn (111%) vs. 2020 mainly due to the return to live music and shows in 2021.<\/p>\n

\"\"<\/p>\n

Giving back to the industry is now showing to also be big business especially around\u00a0education.<\/strong>\u00a0IMS counted\u00a0138 electronic music education providers<\/strong>, with Electronic Music Label Toolroom now having\u00a07,500 alumni out in the world, making music that were trained at their DJ academy.<\/p>\n

Electronic music also had a positive impact with the sector coming together, stepping up with fundraising compilations to support\u00a0Ukraine<\/strong>\u00a0and reacting to wider world events.<\/p>\n

There has been progress made in terms of\u00a0diversity<\/strong>\u00a02021, but still a long way to go. Representation and demand for people of colour in the DJ Mag Top 100 grew in 2021. However several years of slow growth in demand for\u00a0female representation in the DJ Mag Top 100 stalled<\/strong>\u00a0in 2021. Audiences voted 12 female DJs into DJ Mag\u2019s top 100 DJs in 2021.\u00a0 Down 1 vs. 2020 – the first drop in numbers since 2016.<\/p>\n

There is a great deal of excitement about the new sounds, artists and business models coming through. It was a joy (and a challenge!) going beyond the hype to dig into the data behind Amapiano, Nia Archives, PinkPantheress, NFTs, the Metaverse and Spatial Audio for the report. – <\/em>David Boyle<\/strong><\/p><\/blockquote>\n

With fresh young talent are breaking into the Top 100 and new technology changing the rules, there is still optimism for the industry and its recovery going forward. Web3 and The metaverse promising to create a new chapter and possibly change everything we know about business models in the near future.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

International Music Summit (IMS), the leading platform for business, culture and education in global electronic music,\u00a0today released the full findings of the annual\u00a0IMS Business Report 2022\u00a0in a live presentation at IMS Ibiza 2022. The\u00a0IMS Business Report\u00a0presented by\u00a0PIXELYNX\u00a0and powered by\u00a0Viberate\u00a0aims to be the definitive account of electronic music business and cultural music trends covering every aspect […]<\/p>\n","protected":false},"author":1,"featured_media":2733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1020],"tags":[224,737,764,780,781,211],"class_list":["post-2732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ibiza","tag-nft","tag-business","tag-metaverse","tag-report","tag-ims"],"yoast_head":"\nElectronic Music Industry Pioneers The NFT & Digital Space - Prysm UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.prysmradio.com\/en\/2022\/04\/electronic-music-industry-pioneers-the-nft-digital-space\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Electronic Music Industry Pioneers The NFT & Digital Space - Prysm UK\" \/>\n<meta property=\"og:description\" content=\"International Music Summit (IMS), the leading platform for business, culture and education in global electronic music,\u00a0today released the full findings of the annual\u00a0IMS Business Report 2022\u00a0in a live presentation at IMS Ibiza 2022. 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