For Gen Y, Music is Oxygen
Raised in the "always on" world of the Internet, on-demand content and social media technologies, Generation Y has different expectations and media consumption behaviors than previous generations. This is trend is especially evident when it comes to music. Driven by iTunes and the iPod, Gen Y has a voracious appetite for digital music, ring tones and all things mobile.
How big is mobile music? A study from Jupiter Research found that "worldwide, mobile music generated 4.4 billion dollars in 2005 and is expected to generate 9 billion by 2009...Mobile music now accounts for 15% of the entire music market--and youth leads the way (Juniper Research: Mobile Music: Ringtones, Ring-backs & Full-tracks (second edition & third edition)."
But what are the music consumption habits of Gen Y? What do they think about music piracy, digital music and other issues related to music? These were just some of the questions that a new survey conducted by British Music Rights sought to answer. When it comes to music: What does the MySpace generation want?
The survey, which looked at the music consumption behavior and experience of young people (aged 14-24), was conducted in February and March of 2008 by the University Of Hertfordshire. The study represents the largest U.K. academic survey of its kind.
Among the findings:
- Around 90% of respondents now own an MP3 player. They contain an average of 1770 tracks - half of which have not been paid for;
- 14- to 24-year-olds love music - arguably more than any previous generation;
- 58% have copied music from a friend’s hard drive to their own, and 95% copy music in some way;
- 63% download music using P2P file-sharing networks;
- The CD is not dead. Even if a legal file-sharing service existed, over 60% say they would continue to buy CDs;
- 42% have allowed P2P users to upload music from their computer. Much of this behavior is viewed as altruistic;
- 80% of current P2P users would be interested in a legal file-sharing service - and they would pay for it too;
- Money spent on live music exceeds that spent on recorded music.
So what does this all mean for the music industry? Perhaps Feargal Sharkey, chief executive of British Music Rights, sums it up best:
“The
music industry should draw great optimism from this groundbreaking
survey. First and foremost, it is quite clear that this young and
tech-savvy demographic is as crazy about and engaged with music as any
previous generation.
Contrary to popular belief, they are also prepared
to pay for it, too. But only if offered the services they want. That
message comes through loud and clear.”
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