IBIZA – Ibiza’s International Music Summit began yesterday with the IMS annual financial report claiming electronic music generated $6.9 billion last year.
A $700 million dollar increase on the previous financial year was registered, a 12% increase that may not match the staggering 37% increase the year before that but nevertheless represents steady growth for a flourishing sector. Electronic music is now the third most popular genre after pop, rock and rap according to the IMS annual report.
A large amount of the spoils end up in the hands of superstar DJs with Calvin Harris leading the pack last year earning a total of $66 million, ahead of David Guetta ($30 million), Avicii and Tiesto (both $28 million. The celebrity status of DJs today means a large percentage of income is now generated through advertising deals with huge global companies such as Volvo, Mumm and Emporio Armani. No surprise then that thousands of young hopefuls flock to Ibiza every summer with dreams of making it as a DJ.
Ibiza is a mecca for electronic music lovers during the summer with seven of the world’s top 100 clubs located on the island. By country, Spain has the third most clubs on the list (10), behind the United States (18) and the UK (16) but Ibiza heads up the list of smaller territories and cities with Las Vegas second (6) and London in third (5). An indicator if ever one was needed of the huge amount of money that flows through the white isle each and every summer and just how important electronic music remains to Ibiza’s tourism industry.