Eventbrite and Media Insight Consulting partnered for a survey of Australia’s music consumers. The results showed large interest in new music technology, particularly among younger generations, but heavy resistance to investing in music.
New media, which the study uses to cover YouTube, digital streaming, online radio, and digital downloads, were the listening platforms of choice for 75% of Millennials and 86% of the younger Generation Z. In fact, subscription streaming services accounted for 14% in overall sales for the country in 2015 with a 101% growth in revenue. Digital streaming is more common (one in five) among people who identify as passionate about music than the rest of the population (one in 10). The serious music fans are also twice as likely to use online radio as their primary music source.
Despite a love of music, half of the respondents said they like music but don’t spend any money on the industry. “When you compare the lack of spending on music to that of other media it is clear there is a problem with the perceived value of music,” the report’s authors said. Some of that value proposition is alleviated by concerts, which charge a premium for a live, in-person, emotion-driven experience. The report went on to detail some alternative paths for creating a successful music business, from pursuing B2B options to building an engaged listener community.