The winds, they are a changin’.
The poet-prophet Bob Dylan might have been singing about social change in the 1960s but his words ring true on the shifting sands of the music industry. Those changes are driven, as with other media businesses, by shifts in consumer consumption patterns. For advertisers trying to reach music fans, the latest state-of-the-music report on Canada from Nielsen puts things in context.
According to the findings of the Nielsen Music 360 Canada Report, which looks at how Canadian consumers interact with music, consumption remains high across the country but people are accessing it differently.
The study’s most significant finding is the relevance of mobile as a platform to reach listeners. According to the research, 56% of listeners in the 13-to-34 demo (identified as teens and millennials) listen to music on their mobile devices in an average week. Overall, 34% of people are consuming music on their mobile phones in 2016 compared with 29% in 2015. And while online streamers continue to pick up steam, traditional radio stations are still a significant source of discovery for millennials. However, those tuning in are listening less to over-the-air broadcasts (down 9% from 61% in 2015 to 52% in 2016) and consuming digital feeds of traditional radio.
Millennials, it turns out, are willing to pay for specific music-related programming. That list includes paying for streaming services (like Spotify or Tidal), with that number expected to grow – 16% of those profiled in the teen and millennial age groups stated that they planned to subscribe to a streaming service within the next six months.
That same group is also willing to pay for live, DJ-hosted experiential events and music festivals and are willing to pay more for such experiences in 2016 than they were in 2015.
