The global EDM industry is now worth £5.7 billion

The value of the global electronic dance music industry now sits at $7.4 billion, or £5.7 billion.

Music Week – reporting from the International Music Summit in Ibiza – detail that the increase is being driven by millennials, who are now 40% more likely to attend a club event in the US. Overall, 16% of people in the US went to a club event with DJs in 2016, 14% for attended for a specific DJ.

The report also states that dance music singles took a 17% share of UK singles last year. There are also 12 billion electronic music streams on Spotify every single month.

These numbers were presented on Wednesday (24 May) as part of The IMS Business Report 2017 which you can read in full here.