The Continued Growth of On Demand Music Streaming

looplogo-thumbResults of a recent study conducted by marketing research company, LOOP (Lots Of Online People) with 3,014 U.S. respondents, examined respondents’ attitudes toward more than 50 genres, compiled fans into the top five categories based on their preferences: Rock (65% of respondents), Pop (43%), Country (40%), Hip-Hop (30%), and Dance (24%). They were then profiled in terms of age, gender, music consumption, device usage, social media usage, and brand advocacy.

The study then revealed that Dance and Hip-Hop fans were more likely to listen via on-demand streaming services, which accounted for 34% of Dance fans’ listening time and 31% of Hip-Hop fans’ listening time, compared to the national average (total sample) of 24%. In addition, these fans are more likely than the general population to listen to music on their smartphones, which accounted for 24% of Dance fans’ listening time and 27% of Hip-Hop fans’ listening time, compared to the national average of 18%.

market research pic 1In addition, the study found that Dance and Hip-Hop fans are more likely to pay for music than the general population, with 79% of Dance fans and 72% of Hip-Hop fans saying they had purchased a music-related product over the previous six months, compared to only 63% of the general population. Moreover, 31% of Dance fans and 24% of Hip-Hop fans said they had paid for a subscription to a music streaming service vs. the overall average of 17%. Dance and Hip-Hop fans are also more likely to pay a premium for superior sound quality, with 25% and 21%, respectively, saying they would “definitely” do so vs. only 16% of the general population.

There is little disagreement as results of the study confirm that, in addition to enjoying different types of music, fans of various genres also behave differently when it comes to their favorite listening methods, devices, and more. New forms of music distribution coupled with the consumer willingness to pay for music products is one of many indicators that the future of the ever changing industry may well be bright.

The question now becomes, is the industry truly ready to embrace and adjust to this reality?

 

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