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Media Insight Consulting, the consultancy business set up last year by former Universal Music Global Insight Director Chris Carey, has released some top-line data from a consumer research initiative titled \u2018What Music Means To Me\u2019, based on a survey of 2650 consumers. Among the findings in the first batch of results to be released (more will follow focused on live and merch) are\u2026<\/p>\n
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\u2022 Over half of consumers place a high value on music, with 30% of those surveyed, and 44% of 16-24s, saying that \u201cmusic is my number one passion\u201d. \u2022 43% of the 16-24s surveyed had used a free streaming service in the last year, though the 25-34 age group was most inclined to pay to access streaming music.<\/p>\n
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\u2022 60% of consumers overall said they were still interested in purchasing physical product, and while that figure declines as people get younger, 44% of 16-24s still expressed an interest in non-digital releases. \u2022 And when it comes to ownership of music \u2013 physical or digital \u2013 unsurprisingly under 25s are less obsessed with owning copies of their favourite tunes, with 48% saying it\u2019s not necessary because music is so readily available online. Though that still means half are attracted in some way to permanent copies.<\/p>\n
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Carey is now set to go into the stats in more detail at some upcoming music business conferences, including as part of CMU Insights @ The Great Escape in May. Meanwhile, he told reporters this morning: \u201cBig data dominates the conversation in the music industry, but consumer research is often overlooked. Big data is great at the \u2018what\u2019 but not always great at \u2018why\u2019. Consumer research gives the opportunity to explore the consumer attitudes that underpin their behaviour. It also allows a more complete view of the consumer, touching on many areas of their music activities, not just soiled, service led data. Don\u2019t get me wrong, Big data has value, but coupled with consumer research it can be much more powerful\u201d.<\/p>\n
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Source: CMU<\/p>\n
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