With the rise of EDM in recent years, with the number of electronic music festivals around the world growing each year while young bucks pick up laptops with a dream of making it big, you’d probably guess that the electronic music sector is worth big bucks, but you probably couldn’t conceive just how big.
The EDM juggernaut is estimated to be worth a staggering $6.2 billion – more than double the entire Australian live performance industry’s estimated $2.55 billion.
The figure comes from a new global report presented at the International Music Summit (IMS) in Ibiza this year, as Billboard reports. The $6.2 bn figure combines generated revenue from EDM festivals ($1.03 bn); worldwide club shows ($2.4 bn); streaming/video services payouts ($600 m); Souncloud streams ($140 m); and sales of DJ hardware and software ($360 m)
According to a recent report issued by the International Music Summit (via Billboard), that staggering amount is how much the entire global EDM industry is valued at. That includes revenue generated from festivals ($1.03 billion); worldwide club dates ($2.4 billion); Las Vegas gigs ($800 m); traditional record sales ($800 m); streaming/video services ($600 million); Soundcloud streams ($140 million); and the sale of DJ software and hardware ($360 million), and earnings from other DJ ventures ($60 m) – as seen in the graph below.
Source: Billboard
The IMS report also claims that EDM is the only music genre to demonstrate year-on-year sales improvements in 2013 (based on Nielsen SoundScan figures), as well as earnings for top-ranking DJs, with Forbes‘ annual Electronic Cash Kings list showing a combined $225 million for its Top 10 alone (incl. Calvin Harris, Tiësto, and Deadmau5) – effectively double the $114 m earnings figure of 2012.
Meaning that even younger EDM stars like Avicii, Skrillex, and Zedd are already earning annual million dollar fortunes that long-established artists like Madonna, Bruce Springteen, and Bon Jovi took years to build. The Top 10 DJs are also generating bigger bucks than the bling-toting, bank-bragging rappers of the world, including 2013’s highest paid rappers: P. Diddy, Jay Z, and Kanye West.
This Week’s New Tracks On Triple J
Adds:
Augie March – After The Crack Up [Dark Satanic/Caroline]
Bag Raiders – Nairobi [Modular]
Broods – Mother & Father [Universal]
Circa Waves – Young Chasers [Dew Process]
The Gaslight Anthem – Rollin’ And Tumblin'[EMI]
Hilltop Hoods – Won’t Let You Down {Ft. Maverick Sabre} [Golden Era]
The Kite String Tangle – Arcadia [Warner]
Milky Chance – Flashed Junk Mind [Universal]
Spots:
Gorgon City – Here For You {Ft. Laura Welsh} [Neon/Virgin EMI]
Little May – Dust [Dew Process]
Singles – End Of The World [triplejunearthed.com]
Willow Beats – Merewif [Pilerats]
Industry News
Dew Process Sign Worldwide Powderfinger Publishing Deal
Dew Process Publishing have inked a worldwide deal for the work of one of Australia’s best-loved and most successful rock bands, Powderfinger. The deal, administrated through an arrangement with Kobalt Extend Publishing Services, covers Powderfinger’s first five albums (from 1994’s Parables For Wooden Ears to 2003’s Vulture Street). Dew Process Publishing will also represent compositions on the albums Dream Days At The Hotel Existence and Golden Rule in Europe, North America and the United Kingdom. Powderfinger’s combined discography earned them over 2 million record sales Down Under, as well as 18 ARIA Awards, before their split in 2010.
ARIA Membership And Awards Nomination Deadline Approaches
ARIA has put the call out to artists, record companies, and music distributors and manufacturers who want to submit their work for consideration for this year’s ARIA Awards as the deadline lands this week. ARIA Awards membership applications close on the 30th June, and only ARIA Members may enter recordings for Awards consideration. For further details on membership criteria or to access an application form head to the official ARIA website. ARIA Members will receive information on the 2014 ARIA Awards criteria and nomination process next month.
MusicNSW Announces Quick Response Grant Round Dates
MusicNSW, with the support of Arts NSW, have announced the 2014 Quick Response Grant Program round dates to support artists and artist managers in developing “export opportunities through whilst attending Australian industry conferences, trade fairs and other career defining opportunities in 2014;” such as showcase events like BIGSOUND, Face The Music, and AWME. Round one applications open today (June 18) and close July 14, 2014. Round two opens August 11 and closes September 12, 2014. All projects must be completed by December 31st, 2013. Submissions can only be made by NSW-based artists (and/or their managers). For grant guidelines, application forms, round dates or more information on eligibility, head here.
Music Publishers Native Tongue Celebrate 10th Anniversary
This year marks a decade since Native Tongue first made its mark on the music publishing world, celebrating 10 years of helping Australian and New Zealand artists land spots on international TV shows, advertising, and other publishing ventures. Native Tongue’s local roster includes the likes of Cut Copy, The Waifs, Oh Mercy, Calling All Cars, and The Amity Affliction (who recently landed another #1 album and a #31 placing on the US Chart). Other clients have included Tom Waits, Roy Orbison, The Jesus And Mary Chain as well as representing artists like Lorde, Daft Punk, Foals, and many more. Native Tongues has a series of celebrations and announcements planned in 2014.
Artist Signings
Little Scout Sign With WinWin
Atmospheric Brisbane five-piece Little Scout have scored an international deal with WinWin Records, a subsidiary of One Little Indian (home to Björk and Asgéir). The band’s track ‘Go Quietly‘ (taken from their excellent second album, Are You Life) has also been spun on UK’s BBC6 radio ahead of its international release on 18th August. (via Little Scout)
Dew Process Sign Little May
Sydney trio Little May are the latest to join the roster of Brisbane’s Dew Process for the release of their new single ‘Dust’ – the follow-up to their breakout single ‘Boardwalks‘. After scoring a ‘Next Best Thing’ nomination at the 2013 FBi SMAC Awards, Little May will play Splendour next month and BIGSOUND Live in September.
Rainy Day Women Join 123 Agency
Following on from last week’s signing frenzy, 123 Agency have expanded their roster with the addition of Rainy Day Women. After taking a break, the Perth indie rock band have announced a new single, ‘Mars‘, the first taste of their forthcoming debut album.
UNFD Signs I Am Zero
Rising from the ashes of metalcore band Saviour, Perth four-piece I Am Zero are the newest addition to the UNFD roster. The deal follows I Am Zero issuing their debut single and music video, ‘The Winter Sun‘, on YouTube. It’s since already been playlisted by Triple J’s The Racket and Channel V.
Machine Head Ink Aus/NZ Deal With Nuclear Blast
Following heavy metal icons Machine Head signing an international deal with Nuclear Blast in October 2013, the label will now represent the band in Australia and New Zealand as well. Machine Head have a new album due later in the year, as well as plans for a worldwide tour.
