Dance music industry lost $3 billion last year

The global dance music industry in 2021 is worth $3.4 billion, The 2021 IMS Business Report shows. The number is culled largely from the sales of software and hardware, which were up 23% this year as a result of the pivot to livestreaming, giving a total of $1.1 billion, along with music sales and streaming - valued at $1 billion, artist earnings - $0.3 billion, and clubs and festivals, hich accounted for $1 billion, a number based on Q1 being largely normal and China being open for more than a quarter. The IMS Report valuation is at the lowest it has been in a decade and is a sharp decline from the 2020 valuation of $7.3 billion and the all-time high valuation of $7.4 billion in 2016. There's also good news: the value of festival tickets sold is up 123% when comparing March through May of 2021 to March through May of 2019, Billboard reports.