Like in several other aspects of life, the millennial generation is different when it comes to music consumption. Considering that they spend more money on music than most other generations, it’s important for artists to take notice of their trends.
The millennial generation is defined by individuals aged between 18-35 and they make up about a quarter of the US’s population, 40% of those being minorities. Nielsen’s report on millennials reveals some key trends that define this group’s listening habits.
They spend more money on music than the total market.
Even though 68% believe music should be free, they still account for 31% of total spending of money on music, most of which goes towards concerts and live events.
They are more apt to share what they like on social media.
Over 80% of millennials own a smartphone, and they are 20% more interested in apps that share their interests to a broader audience. Smartphone music accessibility is important to this group because they are looking for new ways to discover and share music. They listen to the same number of hours of music per week as other groups (19 hours), but because they are more inclined to share with others what they like via social media, you get more bang for your buck targeting this group.
They listen to streaming services more than other generations.
Forty-four percent of the general population listens to streaming services, whereas 50% of millennials do. They also prefer customizing their own playlists and use on-demand streaming more than the rest (18% compared to 14%).
They attend more music festivals and concerts than any other group.
With the drop of album sales, artists are turning more to live events to make money. If it’s the younger generation buying the tickets, it’s profitable to target them. Coachella has seen an increase in attendance by more than 400% since the festival’s opening in 1999.
They react more positively to music engagement via brand marketing.
Taylor Swift has escalated her career by engaging her young fan base through the “best friend” brand she promotes at every level. Her 12 million Instagram followers feel as though they know her intimately. Your branding will go further with this group. Millennials say that the more an artist shares about themselves online, the closer they feel to them.
The good news for musicians is that they like all kinds of music and they’re not defined by a particular genre, although according to the Pew Research Center, rock music and rap make the list for their top favorites.
Because of their propensity to share what they like and their willingness to spend more than other generations, millennials are the best target group for most artists looking to grow their fan base and revenue.