So… We've been diving deep into the latest IMS Business Report, and we've got some juicy insights to share with you. Whether you're spinning decks in packed clubs or crafting beats in your home studio, these trends are shaping our industry right now.
Tech House Still Reigns Supreme
Good news for all you tech house heads out there – the genre is still killing it! According to Beatport data, tech house remains the top-selling genre. But here's the kicker: genres like Afro House are on the rise, climbing from 18th to 9th place in just over a year. Time to start experimenting with those Afro-inspired rhythms?
The Streaming Game is Changing
Streaming is growing, but it's not all smooth sailing. While the global recorded music market grew by 10% in 2023, hitting a cool $35.1 billion, the competition is fierce. Self-releasing artists are feeling the pinch due to changes in streaming royalties. What does this mean for you? It's more crucial than ever to diversify your income streams and build a strong brand.
Live Music is Back with a Vengeance
After a tough couple of years, live music is bouncing back hard. The combined revenues of Live Nation and Eventim hit $25.1 billion in 2023 – that's a 35% increase from 2022! For DJs, this means more gigs, bigger crowds, and higher potential earnings. Time to polish those live sets!
The AI Revolution is Here
Nearly 60% of industry professionals are concerned about the impact of generative AI. But here's our take: AI is a tool, not a threat. Forward-thinking producers are already using AI for tasks from mastering, crazy vocals and sound design. We believe you need to keep AI under control and trust your ears, but think about how could you incorporate AI into your workflow to boost creativity and efficiency?
Social Media: Your New Best Friend
YouTube is king for music discovery, with 52% of electronic music fans using it to find new tunes. But don't sleep on TikTok – the #ElectronicMusic hashtag racked up 10.5 billion global views in 2023, a 109% increase from the previous year. If you're not on these platforms, you're missing out on massive exposure.
Gender Equality: We've Got Work to Do
The report highlights ongoing challenges for women and gender-expansive creators in our industry. They're more likely to be passed over for opportunities, have their experience questioned, or face pay gaps. As a community, we need to actively work towards creating a more inclusive and equitable scene.
What's Next for Tech House?
While tech house is still top dog, the genre is evolving. We're seeing influences from melodic techno, Afro house, and even hip-hop seeping into the sound. Keep your ears open and don't be afraid to push boundaries in your productions.
Wrapping Up
The electronic music industry is booming, but it's also rapidly changing. Stay adaptable, keep innovating, and most importantly, keep making music that moves people. Whether you're aiming for main stage slots at Ibiza or building a loyal SoundCloud following, there's never been a more exciting time to be in the game.
Stay groovy,
The WareHouseCityRecords Team