The most avid concert goers in the world are EDM fans. Electronic Dance Music has a specific energy that jives with music festivals, bringing thousands of people together to admire the euphoric sounds and visually stunning light shows playing behind the producer. While Electronic Dance Music seemed to be entering it’s golden age in 2019, COVID-19 put a halt to this success.
Although EDM’s revenues dipped in 2017-2018, 2019 was a welcome site for the genre. Revenues and volume both grew, and earnings returned to pre-2017 peak levels. Right on the heels of this growth, COVID-19 arrived, shaking up the entire industry. EDM music arguably suffered the most, as fans can attest, enduring a music draught from most of their favorite producers. Allow me to provide you with some statistics to show how COVID-19 affected Electronic Dance Music.
The value of the Electronic Music industry fell almost 70%, compared to 2019, with a loss of over $4 billion. Dance/Electronic clubs and festivals lost roughly 75% of their income in 2020 (~3.3 billion). What’s more? DJ and artist income fell 61% (even more in some cases) during the COVID year. While DJs tried their best switching to live streaming and other marketing tactics to appease those staying at home, it ultimately only resulted in a fraction of what could have been.
So, what’s EDM’s next move? While most of the industry is experiencing a bounce-back as the world returns to normal, we can see a silver lining in the pandemic. EDM artists have figured out ways to monetize from the comfort of their own home, spending the COVID year discovering new revenue streams to accompany live shows and music streams. While it’s true that 2020 and most of 2021 has sucked the life out of EDM, the future seems brighter than ever for Electronic Dance Music. Not only can artists create income by packing out venues, but they now have the intuition to find online revenue streams like streaming shows, releasing merchandise, NFTs, and more. Change creates opportunity, and EDM has taken on a world of opportunity since 2020 – although the numbers may not reflect this per se. Look for your favorite EDM artists to make a major comeback in the summer of 2021.