EDM Industry Drops In Revenue for First Time In Years
EDM continues to make huge waves with artists Marshmello and ODESZA taking over main stages at traditionally non-EDM festivals, and festivals like Ultra and EDC Vegas continually drawing in hundreds of thousands of people each year, but it’s not all sunshine and roses. According to the new business report at this year’s International Music Summit in Ibiza, EDM revenue overall fell 2 percent last year.
EDM’s 2 percent fall is a year over year decrease, coming off 2016. Global EDM revenue last year was $7.3 billion, down from $7.4 billion in 2016. The report found that EDM revenue fell 0.5 percent in the US and 1.5 percent in Canada last year. Also, the report found EDM revenue fell 0.6 percent in Germany and 3.8 percent in the UK last year. Meanwhile, all recorded music revenue actually grew 12.8 percent last year.
What is causing these decreases across the board? For the US, the report mentions that EDM crossover tracks are being classified as pop or R&B. So, tracks from artists like The Chainsmokers or Zedd may not fall under the EDM revenue umbrella. The report also points out that EDM revenue increases in places like the US and Germany were huge the past few years. Therefore, it’s only natural such rapid growth would slow at some point.
Despite the bittersweet news, the report has some positive thoughts. The report found that EDM is growing quickly in Asia, specifically in South Korea, China and Taiwan. Plus, the report argues that if EDM continues to be a part of every segment of the music industry, it could be worth $9 billion by 2021.
The 2018 IMS business report released during IMS Ibiza this year. Click here to read the full report.
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A Canadian Weed Company Makes The U.S Stock Exchange For The First Time
Weed is continuing its steady ascent into the mainstream, as it has been announced that a major Canadian licensed marijuana producer has recently been granted approval by the Securities and Exchange Commission to begin trading on the NASDAQ. This is the first time a company that deals marijuana has been listed on the U.S. stock exchange.
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Cronos Group, which has already become a staple on the Toronto Stock Exchange, is expected to begin trading its shares on the NASDAQ under the symbol 'CRON' as early as today.
While marijuana is still mostly illegal in throughout the United States, Cronos was fered its spot on the NASDAQ because the company is a licensed Canadian business producing marijuana for the country's impending legalized recreational market. This effectively means that Cronos is not technically barred from trading on the U.S. stock exchange.
While there may be a overarching stigma surrounding an American investor owning weed stocks, they are legally permitted to invest in Canadian cannabis companies who trade on a national exchange.
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"I grew up in the U.S. and most our investor base is in the U.S., but I still get calls from American investors who are unsure as to whether they can buy Canadian weed stocks," admits Mike Gorenstein, the CEO Cronos Group. He further admits how "it’s complicated and intense because their securities rules. We started building a relationship with the NASDAQ sometime last year, and we had to go through many audits and reviews by different independent committees to make sure that our governance was up to snuff. It’s more than just getting on the exchange. We wanted to be the first company that went about this the right way."
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According to Al Jazeera, the world is facing a sand shortage.
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Skrillex's Highly Anticipated Collab with Jennifer Lopez Is Finally Here
Jennifer Lopez has unleashed her much anticipated track with Skrillex (and Poo Bear)!
The producer spent much 2017 cultivating relationships in the studio and producing music for tons A-list musicians. Now, the flavors JLo are met with the creative mastermind that is Skrillex in this new, love-inspired song.
“Us” doesn’t sound like your typical Skrillex track — but what does lately?! He seems to effortlessly take on the style whoever he chooses to work with. In this case, he perfectly accentuates that JLo sound with a fresh twist.
If you listen closely enough, there are also “Would U Ever?” vibes in here! Do you dig it?
Jennifer Lopez – Us (Produced By Skrillex)