[January 05, 2018] |
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Consumers Surprise Industry with New Information About Music Spend
MusiComms,
the leading organization dedicated to the future of music distribution,
announced today the results of its latest industry research. The survey,
which was conducted in Q4 2017, polled 5,000 consumers across all
demographics and regions across the United States.
How much will consumers pay for music? Will they ever pay more? How will
this type of information impact music business strategy? Those are the
types of questions MusiComms posed to consumers in their latest survey.
Here's what they learned:
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Most people get their music for free today. 52% of people
indicated that they do not pay anything currently for their music. Of
that number, 29% said their primary source is free AM/FM radio. That
number was followed by 15% who listen to free Internet-based music
services, and 7% referred to Internet video sites.
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40% of consumers polled will never pay more for music. When
asked what would motivate consumers to pay more, a whopping 40%
responded that they would nevr pay more.
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40% of consumers polled said they would pay more for music! A
significantly important 25% said they would pay more if they knew it
was better for artists and creators. 15% said they would pay more if
they knew it could help save the music industry.
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Some people will never pay for music. 17% of people said they
will never pay for music.
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People want their music at home from devices. When asked about
accessibility, most people want their music from the Internet, and
many of those people want it from an in-home device.
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People buy music from technology companies and service providers. When
asked where they will get their music, 23% percent said through a
retailer, and 77% said everywhere else (TV provider, phone,
electronics, car, utility).
"The recent survey results underscore the need for music
companies to develop profitable, strategic distribution partnerships
with technology companies and service providers in a continuously more
digital world," said Juliet Shavit, Executive Director of MusiComms.
"2018 will be a critical year for these partnerships to help organize
and standardize the metadata and analytics to make accurate reporting
and profitability a true possibility."
To receive the full survey results or learn more about the findings,
contact Meredith Salefski at [email protected].
About MusiComms:
MusiComms™ is a global initiative dedicated to collaboration between the
music and communications industries with the goal of seeking out new
opportunities for innovation and long-term sustainability and
profitability of both markets. As a consortium, MusiComms hosts a number
of activities that bring together leadership from music and
technology-driven industries to develop, innovate and implement new
revenue models and marketing opportunities, with the ultimate goal of
leveraging music to distinguish brand and fuel business opportunities.
For more information, visit musicomms.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20180105005105/en/
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