The electronic music industry is now valued at $11.8 billion (£9.5 billion) with revenue growth of 17 percent during 2023, new figures have revealed. 

The industry report, written by Mark Mulligan and MIDiA Research for IMS Ibiza 2024, suggests there has never been a better time to launch a career as a producer or artist in the scene. 

Independent labels increased their market share for the fourth consecutive quarter, reaching 31 percent.

The global recorded music market returned to strong growth in 2023 up 10 percent coupled with a return to growth across most formats including physical, with streaming growth at 10 percent.

ICMP's BA Electronic Music Production degree aims to give producers and artists the opportunity to tap into this expanding music scene and ensure they have the knowledge, skills and expertise to elevate their musical careers. 


Mark Mulligan, MD and Analyst at MIDiA Research, said:

2022 was an unusual year, in that it reflected the post-pandemic bounce back effect for live. There was a risk that 2023 would struggle to live up to those inflated expectations, but instead the electronic music industry grew strongly once again, with impressive growth across virtually all of its constituent parts."

"What is more, electronic music culture grew its fan bases faster than other leading genres, in part due to the rapid rise of African music and fans, illustrating the growing cultural footprint of electronic music culture and its vibrant global scenes."

Josh Hills, ICMP's BA (Hons) Audio Engineering and Production degree Programme Leader, said: "The IMS report shows why now is such a great time to be launching a career in dance music production." 

With the industry's value consistently on the rise at a rapid pace, dance music has become a mainstream genre, presenting numerous opportunities for producers to elevate their music and skills to the next level"

Previous positive reports showed how electronic music generated an estimated £2.5 billion for the UK economy during 2023. 

The findings were taken from the Night Time Industries Association (NTIA), and conducted as part of the 'Electronic Beats, Economic Treats 2024' music research.