CMA Study: Super-Spending, Millennial 'Fan Economy' Drives Country Music Purchases
May 19, 2016 at 11:02 AM (PT)
Top-tier music purchasers have spent at least $800 in the past 12 months, with Millennials indexing even higher as a music spending group, according to the third of three webinars offered by the COUNTRY MUSIC ASSOCIATION (CMA). The organization has been rolling out results from its massive consumer research project, a study titled "Understanding Today’s Shifting Consumer Landscape And Changing Country Music Audiences, Music Choices, And Behaviors” (UTSCLACCMAMCAB).
Those top-tier spenders were identified as “The Fan Economy” by the study, and while all ages make up this audience segment, Millennials were found to spend significantly higher than all other spending groups, with their average music spending levels just over $1,100 during the past 12 months. This is consistent with the study’s overall findings, which show that Millennials – along with non-whites and Hispanics – are the fastest-growing sector of Country fans (NET NEWS 5/4).
In addition to spending more, this “fan economy” group is also showing higher engagement levels with Country, at twice the rate of daily listening across purchased digital music, satellite radio, and SPOTIFY. Eighty-four percent spent money on concert tickets, compared to 50% among other Country music listeners.
There are positive social media ramifications to this “Fan Economy” too, as they are found to be super users – meaning every day and constant – of social media tools that include TWITTER, SNAPCHAT, and INSTAGRAM, when compared to the total audience of Country music listeners. The study, which CMA announced late last MONTH (NET NEWS 4/26), was conducted among 3,330 adult consumers across the U.S. during OCTOBER 2015 by a third-party research partner, THE FUTURES COMPANY.