40% Say They Would Gladly Pay More For Music
How much will consumers pay for music? A new survey conducted by MusiComms of 5,000 consumers across all demographics and regions in the United States offered some surprising, contradictory and yet hopeful trends amoun music fans. A new MusiComms surveyed asked 5000 U.S. consumers questions like:
- How much will consumers pay for music?
- Will they ever pay more?
- How will this type of information impact music business strategy?
Highlights of a MusiComms survey of 5,000 U.S. consumers:
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.
40% Will Never Pay More For Music, But 40% Would Willingly Pay More
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 never pay more. But another 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.
17% of people surveyed said they will never pay for music.
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.
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 meredith@smartmarkusa.com.
