Electronic music industry hits $12.9B in 2024 with 6% growth surge
The electronic music industry just hit $12.9 billion in 2024, thanks to streaming, festivals, and a rise in AI. Here’s what’s fueling the global growth.
The global electronic music industry is on the rise again, with a 6% increase in value in 2024, reaching a total of $12.9 billion, according to the latest IMS Business Report, presented at the International Music Summit in Ibiza. Authored by Midia Research’s Mark Mulligan, the annual report takes a deep dive into the trends shaping electronic music across the globe, from streaming growth to emerging tech like AI in music creation.
This year’s figures mark a strong rebound and continued momentum for a genre that thrives on innovation, live experiences, and global community.
What’s behind the $12.9 billion valuation?
The report takes into account several revenue streams, including:
- Recorded music and publishing
- Live events
- Merchandise and brand partnerships
- Artist and agent fees
- Electronic music hardware/software sales
Together, these sectors generated the $12.9 billion figure, a healthy increase from 2023 and a strong signal that the electronic music economy continues to diversify and grow. Much of this growth has been fueled by the return of large-scale events and festivals, booming hardware sales (especially among bedroom producers), and a rise in music-related tech innovation.
Streaming surges, especially in latin America
One of the report’s key highlights was the notable spike in electronic music streaming, especially on platforms like Spotify. Leading the charge? Mexico, which saw a staggering 60% increase in electronic music listenership on Spotify year-over-year. This aligns with wider trends in Latin America, where audiences are increasingly gravitating toward electronic sub-genres, many of which are blending with regional styles to create entirely new hybrids.
Meanwhile, the UK and Germany also reported continued growth, further cementing Europe as a global hub for electronic music consumption.
The report also touched on YouTube, where electronic music remains one of the platform’s most consistently engaged genres, both in terms of views and user-generated content.
AI Is entering the (Virtual) DJ booth
Another talking point from the IMS Business Report was the growing presence of AI in music creation, particularly within the electronic music community. According to the data, 10% of global consumers now use AI tools to generate music or lyrics, contributing to a total of 60 million users worldwide engaging with music AI in some form.
While AI-generated music remains a topic of debate, it’s undeniable that electronic artists are at the forefront of experimentation. Whether it’s for creating samples, generating loops, or using AI for mastering and mixing, producers are increasingly seeing AI not as a replacement, but as a tool in their creative arsenal.
This shift is also prompting new conversations about rights management, authorship, and how traditional performance rights organizations (PROs) will adapt to a changing music creation landscape.
The returnof live events
The live sector played a significant role in 2024’s growth. With clubs, festivals, and tours back in full swing globally, ticket sales rebounded strongly after pandemic-era slowdowns. Major festivals like Tomorrowland, EDC, and Sonar reported record attendance numbers, while underground scenes in cities like Berlin, São Paulo, and Seoul have seen surging demand for in-person events.
Additionally, new hybrid event models, combining physical performances with virtual access or livestreams, have helped artists reach global audiences without the overhead of touring, adding a new layer to the electronic music experience.
Brand partnerships also returned in force, with big-name companies looking to align with the cultural capital of electronic music through event sponsorships, collaborative merchandise, and immersive digital campaigns.
One of the more exciting takeaways from the report is the continued genre fluidity within electronic music. From Afro-house to hyperpop, techno to ambient, audiences are embracing hybrid sounds that pull from every corner of the musical spectrum.
Electronic music remains a space for discovery, and it’s being powered by a new generation of artists who are less concerned with traditional genres and more focused on creative expression. Platforms like Bandcamp, SoundCloud, and TikTok are helping surface niche artists who may not have access to traditional industry pipelines.
With $12.9 billion in revenue and a 6% growth rate, the electronic music industry is not only back on its feet, it’s evolving. Streaming is expanding into new markets, live events are adapting and thriving, and AI is reshaping how music is created and consumed.