The International Music Summit (IMS), the international congress of the electronic industry that is held every year in Ibiza, has had to be canceled due to the current situation caused by the Covid-19.
Despite this, as every year, the IMS has issued its annual report, the expected IMS Business Report 2020, where he has analyzed the impact of the crisis on the electronic music industry sector. The report reveals that despite falling two spots to become the fifth most popular genre in the world, electronics had a very positive result in 2019.
However, the industry has been seriously affected by the pandemic and its value has dropped 56% as a consequence of it. The report predicts that the effects will be profound and severe.
-The value of the industry could reach 3.300 million dollars, representing a drop of up to 56% compared to 2019
-Electronic music clubs and festivals could lose 75% of their income in 2020
-The benefit of DJs and artists could fall 61% from $ 1.100 billion to $ 400 million by 2020
The pandemic has led the industry to turn to live streaming right now.