International dance music industry witnesses 54 percent decline in value in 2020 due to COVID-19 pandemic

Due to the coronavirus pandemic that hit the world in 2020, there has been a drastic impact on the International Dance Music industry. As per the recent International Dance Music Summit report, for business, culture, and education in global electronic music; there has been a decrease in the value by 54 percent resulting decline to $3.4 billion. This big decline in business has occurred after almost ten years of steady growth. As per Variety, the overall earnings are from four main sectors of the industry including music sales and streaming,  software and hardware sales, Disc Jockey (DJ), and artist earnings along with clubs and festivals. Also, this year’s annual report emphasises the global impact of the pandemic on electronic dance music in 2020. According to the report, the business produced less than half of 2019’s $7.3 billion in earnings and lower than that of the industry in 2012. Due to lockdowns across the world, the biggest drop was expected in clubs and festivals where the earnings had fallen by 78 percent. While DJ and artist earnings also down by 68 percent last year. As people stayed at home, the music sales and streaming had grossed up by 4 percent or $48 million. Meanwhile, software and hardware sales were also up by 23 percent for a record high of $203 million. For their fundraising efforts, there were also live streams from the electronic dance music industry, which was hosted by French DJ, record producer, and songwriter David Guetta that benefitted a variety of pandemic-related causes, including World Health Organization’s COVID-19 response fund and UNICEF. Further in the detailed report, the electronic dance music’s Spotify also shared a decline in 16 of the 18 countries as fans spent more than $52 million on Bandcamp. It is an internet music company by Oddpost co-founder Ethan Diamond and programmers Shawn Grunberger, Joe Holt, and Neal Tucker in California. The report also highlighted new ways and methods of monetisation that has emerged during the pandemic like getting involved in the metaverse.