The first physical International Music Summit in over two years was not without its surprises. This year’s IMS annual business report yielded fascinating figures, most notably the significant rise in industry value – which rocketed to an estimated $6 billion in 2021.
Surpassing 2020’s sector value by almost 2x, the report revealed that we are heading towards the pre-covid valuation of $7.3 billion. This figure is a culmination of all manner of different categories, including software and hardware tools, music sales and streaming, DJ and artist earnings, the events sector, and for the first time, education – including learning institutions like Point Blank Music School and Bridges For Music, and knowledge-sharing online platforms like MasterClass and Toolroom Academy.
There were also some other significant findings within the report, delivered by IMS’ Audience Strategies specialist David Boyle, who stated that “streaming isn’t working for all but a tiny number of artists”. Only 1,650 artists earn at least $65,000 from streaming before payouts to collaborators get factored in.
There was also a distinct focus on the importance of diversity and equality – which highlighted a “permanent” shift in industry-wide expectations.
Following a few years of closeted and limited operations globally, it’s great to see such in-depth analytical data available and used as a catalyst for the constant improvement of one of the world’s leading economic sectors.
If you’d like to read the full IMS business report for 2022, you can do so by visiting their website: https://www.internationalmusicsummit.com/download-the-ims-business-report-2022
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