? Some of the other results of the recent Nielsen Music 360 Study confirm that the U.S. music market is in a major transition.
- Respondents indicated that radio remained the top source for discovering new music (43%), followed by friends and relatives (13%) and music videos on YouTube (8%)
- The most cited influences for purchasing music were recommendations from friends (57%), music blogs and chat rooms (27%)
- More people considered digital albums and tracks a good value (62% for albums, 61% for individual tracks), than considered physical CDs a good value (56%)
- More than half (56%) of smartphone owners had music player apps on their devices - 44% have radio apps, and 28% had music store apps.
- About a third of younger consumers will purchase a digital track or album within a week of its release
? On the other hand, other studies suggest that digital revenues have not fully replaced the decline in physical delivery forms.? In a sense, they don't need to, as the cost of digital is significantly less than the cost of those physical formats.? Still, the industry tends to blame digital markets and piracy for their declining revenue base.? Two other findings from the Nielsen Music 360 Study suggest that there are more likely factors contributing to the decline in revenues.
- Large numbers of consumers indicate that the recession has reduced their spending on music "to a large degree) - 40% of those 55 or older, 38% of those 45-54, and 26% of the 25-34 age group
- Consumer's spending on media entertainment has splintered as new options emerge.? The Nielsen study found that monthly spending averaged $83.30 on TV packages, $36.60 on video games, and only $22.70 for music.?
Source -? Friends' tips, radio still drive musical choices,? USAToday
Source: http://jem499.blogspot.com/2012/08/good-news-bad-news-for-music-industry.html
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