The Money Motive of EDM

     In the age of electronic music there is a great draw of fame, power and, most notably, money. Although it is not everything, money can often intrigue djs and musicians to go after what they thought was impossible only to discover that while some make it big, it is not always the case for every artist.
     Local artist and dj Charles Cirrito, also known as AudioPrizm, recognizes how difficult the struggle to become successful can be. “One of the hardest things for and up and coming dj is getting heard and finding a niche in an overly saturated culture of thousands of djs. Marketing yourself plays heavily on how much you get booked and, ultimately, how much you get paid per gig”. 

  Electronic Dance Music, or EDM for short, has become its own sector of the music industry and has carved out a corner of the “cash grab” frenzy that comes from fame. From small club shows to 100k attendee festivals, there is no doubt in the economy of the genre and the growth that it has had. It has earned many billions in the 20 (or so) years that it has existed but some say it seems to have slowed down due to variety in its presentation.

  More variations in the production of the music have allowed for it to be categorized in other genres. According to magneticmag.com's article ‘IMS Report 2018’, based on the International Music Summit meeting held in Ibiza, Spain, the industry revenue has witnessed a small decline. “One of the main takeaways is that after years of growth, the estimated value of the global electronic music industry seems to have potentially peaked and fallen 2% to $7.3 billion.” While this number may seem staggering, it is currently being analyzed due to the small decline it has faced. 

  When considering where the money comes from and where it goes, there are many factors that have to be taken in to account. Djs can earn anywhere from $50 an hour to a staggering six-figure payout for a one to two hour ‘set’ of music. The variance in these profits come from experience, notoriety and whether or not they make the music that they are playing. For many, the higher pay comes with many years of hard work and constant dedication.

  Leading the charts for the highest paid dj is Tijs Michael Verwest, known in the music community as Tiesto. According to celebritynetworth.com “DJ Tiesto is a Dutch DJ who has a net worth of $150 million. DJ Tiesto is a widely successful DJ, producer, and musician who DJs for massive audiences around the world.” He has been in the industry for a little over 20 years and has most certainly benefited from his longevity in the EDM scene. Although many djs will never reach the net worth that Tiesto currently has, there are many other artists that consistently build their financial wealth.

  The abundance of money that is earned from the fame that djs can attain does not always mean that they will find happiness. Most recently, Tim Bergling, better known as Avicci, was the center of electronic music fame and its downfalls after he committed suicide in April of 2018. Avicci rose to fame in 2011 after a few years of hard work in the industry and quickly gained money, fame and all that seemed to come with it. He struggled with mental and physical health issues late in his career that ultimately contributed to his demise. Even with a net worth of $85 million at the time of his death, money could not positively motivate the world-famous dj to overcome the internal struggles he suffered from.

  Regardless of the amount, there are ways to increase your stability when dealing with the financial aspects of fame. Kristy Drew, an experienced account representative in the financial industry located in Buffalo, N.Y. says “The easiest way to manage your money is to prepare for the worst and best case scenarios. Whether you have a penny or a million dollars, you have to be educated on ways to protect yourself and your assets.” Hiring a financial advisor, taking classes or just having a savings account are a few of the ways to manage your money confidently.

     Although the money and fame can be enticing, the world of electronic music is not always a positive experience. There are benefits and obstacles that must both be faced with the same openness and dedication involved in every day life. With education and assistance, you can open yourself up to easier coping strategies and properly defend yourself against the struggles of money, both within and beyond the borders of the EDM world.