New Music Study Finds That Fans Could Spend Up To $2.6 Billion More On Music
According to a new study, music fans are willing to spend more if they're presented with compelling content.
Thanks to Nielsen’s “The Buyer and the Beats: The Music Fan and How to Reach Them,” an in-depth music study that was created during South By Southwest, companies and artists now have a much better look at how music fans are spending their money in the era of social media, crowdsourcing, and other various technologies.
According to the report, fans (those responsible for 75% of music spending) could possibly spend an extra $450 million to $2.6 billion on music if they’re presented with exclusive material and other compelling content.
“It’s encouraging to see such strong demand for content from music fans,” said David Bakula, SVP Client Development & Analytics for Entertainment, Nielsen. “We are finding that there’s a lot of untapped demand for additional content, which can translate into beneficial and profitable opportunities for artists, labels, and advertisers.”
In their report, Nielsen also broke down the various types of fans: Aficionado Fans, Digital Fans, Big Box Fans, Occasional Concert Consumers, and Background Music Consumers. An infographic detailing the spending habits of each type of fan can be found below.