NEW YORK (TheStreet) -- Electronic Dance Music, better known as EDM or trance, generates over $20 billion in revenue annually, $15 billion of that from festivals, according to data compiled by StatisticBrain.com.
Long gone are the days of DJs lugging crates of records to the clubs. The genre is an exploding lifestyle. In fact, increase in EDM interest among ages 35-49 from 2013 to 2014 stands at 76%. Wall Street has taken notice as analysts are starting to cover companies like SFX Entertainment (SFXE), which engages in the production of live events and digital entertainment content that focuses on the electronic music culture and other festivals.
Armin van Buuren -- DJ, producer, composer and host of radio show The State of Trance -- was a pioneer in the EDM movement and remains one of the most influential artists in the industry. He said EDM really started to explode with social media and mobile and there is still plenty of room to grow as the genre is gaining different types of demographics, millennials become more influential and as social and online channels continue to evolve.
His radio show now broadcasts to over 100 FM stations, satellite and internet radio and having more than 20 million listeners every week from 74 different countries, his Podcast gets more than 50,000 downloads per week as well. He explains his passion is and always will be with the music, but obtaining a law degree and understanding the intricacies of copyright and international tax laws has been invaluable as it allowed van Buuren to expand into other areas of the industry and multiple collaborations.
While DJs have staying power with their fans, like Tiesto and Skrillex, van Buuren says there is plenty of opportunity for DJs to come up through the ranks as EDM continues on its trajectory.