demonstrates the resiliency of the global dance music industry, which grew by 34% in 2022 to reach a valuation of $11.3 billion — a 16% increase from the pre-pandemic period. In 2019, the global dance industry was valued at $8.7 billion.
After festivals and clubs, hardware and software was the next largest — but also the slowest growing — revenue source. Meanwhile, music rights expanded by 14%. Publishing was found to outpace recording, with publishing revenue growing more than two times faster than that of its counterpart. Improvements in the rates paid to publishers and songwriters have enabled better equity in the music business for these subgroups and are partly responsible for the expansion of publishing.
It’s worth noting that Spotify makes up less than a third of global music subscribers. The United States, Germany, and the United Kingdom are the three countries with the largest bases of monthly Spotify listeners; however, they are also three of the world’s biggest music markets. Though music streaming continues to expand, MIDiA anticipates that non-digital streaming platform sources, like TikTok, Twitch, and Matter, will serve as channels of post-streaming growth that will augment music revenue in the future. TikTok’s impact on the music ecosystem has been well-demonstrated and is reaffirmed by the report. As of March 23, average daily video creations hashtagged with #ElectronicMusic have risen by 113% since June of 2022. The same hashtag has amassed 5.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: billboard - 🏆 112. / 63 Read more »
Source: dallasnews - 🏆 18. / 71 Read more »
Source: DCist - 🏆 518. / 51 Read more »
Source: DigitalTrends - 🏆 95. / 65 Read more »