IMS business report reveals music industry grew by 18% in 2021

The electronic music industry’s value has actually grown between 2020 and 2021 – with the value now being estimated as $6 billion. According to a newly released business report presented yesterday at the International Music Summit (IMS) in Ibiza, there has been an increase in the value of the music industry and in market share across the UK and Germany.Streaming figures accelerated in 2021, up 24% year-on-year compared with 19% growth in 2019-20 and 22% in 2018-19.Read this next: IMS to launch longest ever Ibiza season for 2023 with April conferenceIn 2021, physical sales increased for the first time in 20 years, with vinyl sales up 51% and CD sales up 9%.