Nielsen’s latest data is a Live Event 360 report, which analyzes fan behavior around concerts. People who attended at least one concert or festival in the past year spent 60% of their average annual music budget on attending those performances. That demographic also spends 12% of their music budget on streaming subscriptions and satellite radio and 12% on CDs or vinyl.
Although the Nielsen report is focused on finding brand and marketing opportunities around live shows, there’s also an intriguing perspective for digital music platforms. The data examined ‘second-hand reach’ for concerts, the actions fans take if they cannot attend in person. A third of respondents (34%) will follow it on social media; 21% will read reviews, 19% will watch a live online broadcast, and 17% will text people who are at the event.
Given the relationships many streaming music platforms have developed in video and in concerts, combining those features into live-streaming performances could be an interesting new business development. Pandora and Tidal have both recently explored this niche, and we’ll likely see more efforts in that space in the future.