The International Music Summit (IMS) has published their latest findings, revealing that the global value of nightlife fell by 54 percent in 2020. While the news is perhaps unsurprising, given that nightlife has been one of the sectors hit hardest by the pandemic, it’s shocking to see the numbers in black and white.
This sharp dip comes after a decade of growth, with the industry being valued at 7.3 billion dollars. Although this doesn’t exactly sound like small change, this is the report’s lowest valuation of the sector since way back in 2012. It’s also worth noting that the report suggests that festivals and clubs suffered a blow of 78 percent to their value, losing 3.4 billion dollars, after over 200 festivals were pushed back or cancelled altogether.
There was some positive news, however, courtesy of all the bedroom DJs out there. Namely, the DJ software and hardware sector grew by 23 percent in 2020, reaching a value of 1.1 billion dollars, perhaps due to the quantity of people who picked up DJing as a hobby during lockdown or the transition to live streaming events.
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