What's Going On in the Music Industry Today?

The world is opening back up, and that means it’s time to dive back into what we are really passionate about —live music events and fair representation in the industry as a whole. Referred to as “the lost year,” 2020 will forever go down in history as one of the most devastating times for the music industry, specifically those in the live events category. As for artists, Rolling Stone pointed out that the pandemic was good for some independent musicians who were making more music than ever, while some “megastars” such as Drake, Ed Sheeran, Bruno Mars, Adele, and Travis Scott waited until 2021 to put out new albums. Some artists basked in their newfound responsibilities when it came to producing their own music while quarantining. Omari Tau, a Sacramento Native referred to the time period creating at home as liberating. "I get to make a lot more decisions than I've allowed pre-quarantine … I want to keep that alive when we come out of this."?

Back in 2020, Goldman Sachs forecasted that streaming revenue would remain resilient, and based on what we know now — they weren’t exactly right. According to the IMS Business 2021 Report streaming growth has continued to decrease steadily from 42% in 2017 down to 20% as of this year. But just because streaming is down, doesn’t mean certain genres are going to lose traction, in fact, dance music hit 1 billion dollars in revenue as of 2021.?

Despite dance music still falling behind on the global charts compared to hip hop, its growth has remained steady, especially during a year without festivals and clubs that would usually help amplify its audiences. Music genres are going through a time of change, just as we all are. Hip Hop music is beginning to plateau and is even projected to flatline or decline for the first time in recent years. Some might even say that electronic music should prepare for its moment in the spotlight.?

Another notable change that took place over the last year is music consumer’s attitudes. For example, vinyl purchases were up 24% in 2020, which symbolizes exactly what we now know to be true — connecting with your fans is more important than ever. If streaming numbers are down and physical purchases are up, that can only mean one thing, people are looking for a more authentic way to connect to their favorite artists. One of the most popular ways to do that this year? NFTs and live streaming.?

New platforms mean new opportunities. Did you know that 76% of all music NFTs worth over? $50.2 million were issued by electronic artists? Artists such as Steve Aoki, 3Lau, and Don Diablo brokeNFT sales records (Don Diablo sold the world’s first hour-long concert NFT). Deadmau5 manager Dean Wilson comments on the NFT global phenomenon saying “We are the most played music in clubs, festivals, and bars but we’re the worst paid. The blockchain offers transparency. We could see plays and payments in real-time. We all need to push as many use cases as we can.”

As for live streaming, artists who chose to tap into Twitch had an explosive year. A perfect example? Our RETROSPEKT Festival live stream last summer had over a million views just on Twitch alone, gaining 3 times more viewership than established entertainment companies like Insomniac. Our lineup featured artists such as SOFI TUKKER, LP Giobbi, and Vintage Culture who continued to utilize the streaming surge and are exploding more than we could imagine. It’s a surprise that electronic music soundtracked the pandemic’s explosion of gaming, which also contributes to the genre’s rise in popularity during 2020 and success on channels such as Twitch, Beatport, and Insomniac. So if you’re looking to expand your artist’s brand, get involved in the gaming world, after all, it is 20 times the size of the electronic music industry.?

Lastly, we can’t talk about the music industry as a whole without bringing to attention how diversity and inclusion play an important role. If you remember, electronic music played a huge part in supporting racial justice. Ravers 4 Racial Justice? Yes, that was a real movement created in direct support of the Black Lives Matter protests in Detroit. Over the past year, there was also growth in representation and demand for people of color in the top 100. DJ Mag’s top 100 DJs featured 12 people of color, which was up from 8 in 2019.?

Female representation is growing in the music industry but it still lags behind as female Djs only account for 4% of the top 100. Despite growth, there are still a lot of disparities for female artists, especially those who are also people of color. For example, Artist Raye has spoken out about not being allowed to release her music, and throughout my years in the business, there have been countless black artists in exactly the same position. VV Brown speaks about how female musicians are trained to be “silent about their experiences because there is a heavy stigma that their rebellion will be categorized as aggressive, bitter, or ungrateful.”

As a female-founded company, we are authentic with our goal of supporting female artists in every way possible. Measurable growth is a great feeling, but we are far from finished. The music industry is ever-changing, genres come and go, new artists flood the charts, and venues are popping up all over — but our mission is resilient and timeless: to produce and market the most innovative experiences on Earth while empowering and representing all people. And that is exactly what we are going to do. As festivals and shows come back in full swing, if you’re struggling to make your brand stand out, hit us up.?