Just yesterday, the International Music Summit released the annual IMS Business Report, which is an in-depth economic study of the Electronic Music Industry, covering all aspects of the genre. This study has shown that the industry has grown with 3% in the past year and is currently worth $7.4 billion.

Delivered directly to the key leaders in the music industry at IMS Ibiza, Kevin Watson, author of the annual business report has clearly shown positive indicators for the industry as a whole. In the report it is unveiled that dance music is now the fifth highest grossing genre in the US and that Beatport is returning to profit, with techno remaining the biggest Beatport seller.

On the social media side of things, it has been revealed that DJs are now trying to increase their followers a lot more on Instagram, rather than on Facebook at a massive 11x the rate. Also stated in the report is the fact that streaming subscriptions have grown with 65% overall, being led by dance and electronic genres. It seems that as a whole, electronic music is now raking up about 12 billion monthly streams on all of the platforms.

For more info, make sure to stay tuned, as IMS Ibiza has just begun and will go on for the next couple of days!