Electronic music market projected to double in worth to $24.5 billion by 2032

The global electronic music market is projected to hit $24.5 billion by 2032, according to a forecast from Wise Guy Reports.

The market research consultancy found that the dance music industry is projected to grow from its current estimate of $12.02 billion in 2024, to $24.5 billion by 2032.

In terms of genre, house music currently dominates the market with a market value of $3.5 billion, followed by techno ($2.5 billion), trance and drum 'n' bass (both $2.3 billion) then dubstep ($1.4 billion).

Read this next: UK music sales hit a record-breaking £2.39 billion in 2024

North America, which currently has the largest share of the global music market at $3.5 billion, is projected to continue dominating with a market share rise to $7.15 billion by 2032. Europe meanwhile is projected to continue to closely follow with its $3 billion valuation expected to reach $6.1 billion.

The report credited the rise of music streaming services, as well as the growing pulling power of electronic music-focused events and festivals, as key market drivers.

It noted how the proliferation of music streaming services, such as SoundCloud, Apple Music and Spotify, have resulted in dance music reaching wider audiences than ever before — alongside dance music proliferating new media forms, such as video games and virtual reality.

Read this next: The global value of music copyright has surpassed cinema for first time

The report claims that advancements in user-friendly production tools have led to an increase in electronic artists, while the potential for AI to "enhance" music production could also lead to growth for electronic genres.

You can download the report and read more, here.

Henrietta Taylor is Mixmag's Digital Intern, follow her on Twitter