The Future of the Music Industry

[vc_row][vc_column][vc_column_text]The IFPI elected Ipsos Connect to conduct global research into the behavior of today’s music consumers. The report was based on research conducted with Internet users who were between the ages of 16 and 64 in 13 of the world’s leading music markets, which is comprised of the United States, Canada, Great Britain, France, Germany, Spain, Italy, Sweden, Australia, Japan, South Korea, Brazil, and Mexico. These markets account for 84% of the global recorded music market.

We’ve put together a summary of the future of the music industry.

future of the music industry

The report found that 71% of Internet users, ages 16-64, access licensed music. Paid audio streaming services are growing in popularity. One-third of 16-24 year olds now pay for an audio streaming service.

Smartphones are taking over!

Smartphones are moving towards replacing computers as the most used device for music consumption, especially in developing countries. 55% of Internet users listen to music via a smartphone. The fastest growing countries in terms of music listening on smartphones are the United States, Japan, and France.

Video streaming services are growing.

About 82% of all YouTube visitors use the platform for music. More people use YouTube to consumer music they already know than to discover new content.

The study also found that young people, between the ages of 13 and 15, are highly engaged with music. 82% are listening to licensed music and the majority of them are willing to pay for music. The study also found that copyright infringement remains to be a significant problem as more than 35% of Internet users access unlicensed music content.

Free video streaming is mainly used an alternative to paying for music. About half of video music streamers

Music consumption is growing.

Licensed digital services have increased consumer choice. About 7 in 10 Internet users consume licensed music, many are engaging with multiple access methods. About half of all internet users pay for music in some form. 82% of paid streamers also purchase music in another form in addition to streaming.

Audio streaming services are becoming more popular. Nearly 37% of Internet users use audio streaming services. It is valued for its ease of use and the vast range of content available. Consumers also value trust and security because they want to ensure they are accessing official, licensed music services. Playlists are another attraction – both creating new playlists and using tailored and recommended playlists. More than 80% of paid audio streamers are also purchasers, either physical or paid downloads.

Copyright infringement is still a major problem.

Over 35% of all Internet users access infringing music. The nature of infringing behavior is changing, with stream ripping overtaking other forms of downloading. Stream ripping is the fastest-growing form of infringement, overtaking other forms of downloading.

30% of Internet users use stream ripping services. Almost 50% of these users are between the ages of 16 and 24.

Search engines direct large numbers of users to unlicensed music sites. Nearly a quart of Internet users use Google to get “free” music, of which 66% explicitly search for pirated content. This rate is particularly high in Mexico, Brazil, and the US, where almost three-quarters of those who search for free music on Google are searching for infringing websites.

The next generation of music consumers are growing.

Young music consumers are growing up in a world where licensed music is widely available on-demand. These consumers are showing high levels of engagement with music. More than 80% are accessing licensed music and the majority are willing to pay for music.

13-15  year olds’ engagement with the major digital music providers is high. Awareness and usage levels are at almost the same level as 16-24 year olds. This same age group does no only feel the strongest about music, particularly new music, but also strongly believes that artists should be rewarded for their creativity, and that stealing is wrong.

Download the full report here

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