According to IMS Business Report 2022, while streaming numbers are up around 24% from 2020, only 1,650 artists are earning more than $65,000 per year from their streaming catalog, proving that the Streaming isn’t exactly a lucrative source of income, except for a select few.
Although the number seems extremely small and equates to a very small percentage of electronic music catalogs, the number has seen a huge increase in recent years.
Proving that it can be extremely difficult to make a substantial annual income from music from streaming service revenue alone, the number has also seen a sharp increase since 2017 according to IMS estimates, where at the time this number of artists was only 740. In 2019 it rose to 1,140 and is currently the highest ever at 1,650.
While most artists are not solely reliant on income from streaming platforms and rely more on touring as their primary source of income, it comes down to the dismal amounts artists are paid per stream by streaming giants such as Spotify.
Silvia Montello, of the Association for Electronic Music, said: “It’s been brutally difficult for artists to make a living making and playing music.”
The report also showed that the value of the electronic music industry rose to $6 billion in 2021, nearly doubling the deeply impacted 2020 valuation of $3.4 billion, but still below pre-highs. pandemics of $7.3 billion in 2019.
Although the return has been rather slow, clubs and festivals are also looking to the summer of 2022 to recover from the pandemic, as the 2021 season, although much improved compared to 2020, has still been affected by restrictions and cancellations related to Covid-19. The events sector for 2021 was valued at $2.5 billion, down 166% from 2020, but still down 42% from pre-pandemic numbers in 2019, according to DJ Mag’s report.
Check out some of the key takeaways from the report by swiping down on the post below.
Download and view the full 2022 IMS Activity Report here.
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