Unveiling the 2024 IMS Business Report: Key Insights from the International Music Summit in Ibiza
Annually, Mark Mulligan from MiDIA Research presents the previous year’s IMS Business Report at the International Music Summit in Ibiza. The 2024 edition is now available, revealing that the electronic music industry has experienced a 6% growth, reaching $12.9 billion. The report highlights the emergence of genres such as Afro house and drum and bass, along with an increase in female DJs.
In a surprising turn, the report indicates a modest rise in global live music revenue from 2023 to 2024, going from $25.8 billion to $27 billion — more than double pre-COVID figures. However, this growth is attributed to increased ticket prices rather than sales volume and is heavily influenced by major tours and large events, leaving smaller operators struggling due to well-documented market shifts.
As anticipated by those attuned to the dance music scene, Afro house has seen a significant surge in popularity between 2023 and 2024. While tech house remains the top downloaded genre on Beatport, Afro house climbed to #10 in Q4 of 2023 and reached #6 by the end of 2024. Similarly, drum and bass maintained a #3 position for most of the year, driven by five distinct tracks that topped the Beatport Top 100 Tracks chart in 2024.
TikTok remains an essential cultural indicator, with the report noting a 45% increase in global views for videos tagged with #ElectronicMusic, totaling 13.4 billion in 2024. The number of videos related to house, trance, and techno also saw significant growth, with increases of 82%, 63%, and 49% respectively.
Meanwhile, the rising music streaming platform SoundCloud reported a 14% growth in electronic music genres in 2024. Notably, UK garage uploads soared by 100%, alongside a 42% increase in minimal/deep tech plays.
The IMS Business Report estimates that 18% of festival lineups globally featured electronic music acts in 2024, marking a 2% rise from last year’s figures as reported in the previous report.
If the demographic data from AlphaTheta is accurate, an increasing number of women are entering the DJ scene, with 16% of its user base now female — a 2% rise from 2023.
This year’s IMS Business Report explores a range of topics, including artist catalog acquisitions, revenue from Ibiza clubs, and the impact of AI in music production. To obtain your own copy of the report, visit the International Music Summit website.
