Is the electronic dance music bubble about to burst? International Music Summit’s cofounder Ben Turner does not think so. However, he believes that the EDM scene is experiencing what he calls a “moment of retraction.”
In an interview with Music Week, Turner shared his insight on the current situation of the EDM scene: “It’s having a moment of retraction for sure. In America, it’s definitely had its big moment, there’s no question about it, but I still feel that where the dust has settled is at a much higher position than it’s ever experienced before.”
“We don’t have to sell the dream anymore. If anything, it’s the other way around. People are chasing this music for all sorts of opportunities and that’s an amazing change in the last 10 years,” he added.
The comments were made in the midst of a slowdown being experienced by the electronic music industry. The IMS Business Report 2016 has noted that its growth slowed to 3.5%. Despite the slowdown however, the industry still enjoys a $7.1 billion revenue for the year. It is also noted to be 60% greater than it was three years ago.
Turner also pointed out that EDM was at “rock bottom” 10 years ago, when the first IMS Ibiza conference. Now, the conference will be on its 10th year this coming May 24-26 and Turner has been proud of what EDM has accomplished for the past 10 years.
“We’ve gone from that position to the global explosion of EDM, and SFX and Live Nation acquiring electronic dance brands,” he said. “The music is now accepted everywhere. It’s no longer the underground; it’s music that’s accepted by most festivals and Hollywood film supervisors. It’s become part of the mainstream in a way – and that’s both good and bad.”
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