According to the summit's 2019 report, partygoers are saving up for festivals and shunning clubs in increasing numbers.
The 29-page document portrays a steep decline in the fortunes of British nightclubs amid growing commercial, governmental and cultural pressures. By the end of 2018, the number of nightclubs in the UK dropped by 21 percent. The rate of decline over the five years prior was less than one percent.
Changes in emerging consumer habits such as the use of dating apps and wellness trends, coupled with people saving up for festivals instead of going to clubs, has increased the strain on brick-and-mortar venues already imposed by the effects of gentrification.
In the last year, Mint Club in Leeds, Oxford's The Cellar and The Harley in Sheffield have all closed. Ghost Notes, Total Refreshment Center, The Alibi and Red Gallery, all in London, have also shut in the last 12 months.
In addition, IMS cites a mental health report originally conducted by Record Union. It shows that nearly three quarters of independent musicians (it's not clear how many work in electronic music) said they'd experienced negative emotions in relation to their music-making, with a third saying they'd experienced panic attacks.
IMS's summary also collates information about clubs scenes in Berlin and Las Vegas, DJ earnings, social media statistics and the steady growth of platforms such as SoundCloud, Beatport, Apple News, Spotify and Cercle. Plus, they identify the video games industry, worth more than $130 billion, as a growth area for electronic music.
Read the full document.