The overall EDM market grew 3% last year, according to the latest IMS Business Report.

The global EDM business as a whole was worth $6.9 billion last year, but the new IMS Business Report states the dance music industry is now worth a staggering $7.4 billion (£5.7bn). The United States and UK claim a good portion of the market and account for the highest number of EDM streams on music platforms.

According to the report, streaming subscriptions have jumped up by 65% overall but it was lead by dance and electronic genres. As a whole, electronic dance music makes up roughly 12 billion monthly streams on all of the platforms.

According to the IMS Business Report, brands also provided a huge source of revenue for the EDM industry. The iconic Ministry of Sound Recording was acquired by Sony Music UK for $87 million in August 2016 while the Pacha Group sold to Trilantic Capital Partners for $391 million.

Read the full report here.