Music Marketing for Share of Voice

Music Marketing for Share of Voice

Music Marketing for Share of Voice

Forget eyeballs (referring to the number of people that view your marketing for your product or service), the new trend is ears, as in listeners, music listeners.

The news is that online music streaming is surging, and so is advertising. Music listeners are shifting their listening habits from traditional radio and online music purchases to music streaming (also known as audio on-demand). Listeners have also shifted to streaming music on their mobile devices (smart phones, tablets).

With the surge of music streaming listeners, a proliferation of music streaming sites creates a new marketplace for brands to market to their customers. Buying music streaming ad space for your brand’s market share of voice is an avenue you should consider closely depending upon your audience.

Infographic: The Rise of Music Streaming Continues | Statista

 

Stats

Here are a few benchmark statistics to help give you the “lay of the land” for the music streaming ad space:

  • 67% of music listeners are now streaming their music on a regular basis.
  • There were 164 billion music streams in 2014 marking a 54% increase from 106 billion in 2013.
  • Of 91% Americans who listen to music, 75% listen to music online weekly, and 44% percent listen on smartphones.
  • Music streaming is starting to displace both listener’s digital music collections and traditional radio.
  • Digital streaming players are quickly outgrowing niche status.
  • 75% of respondents to Nielsen data said they actively chose to listen to music, even ahead of watching television at 73%.
  • Streaming listeners comprise a diverse audience, from many socio-economic, demographic, and ethnic backgrounds and all age groups (pre-teens to the elderly).
  • Music streaming revenues grew 39% consistently across all major markets in 2015.
  • Of our weekly time spent with music, nearly 25% of all music listening happens in the car, 15% at work, and another 15% while at home.
  • 80% of traditional radio is done in the car, but major auto manufacturers are moving to market auto tech features including music streaming. Auto manufacturers Mercedes, Cadillac, Hyundai, General Motors,  Toyota, Nissan, BMW, and MINI are all moving to incorporate music streaming apps into their new models and marketing.
  • Ad music streaming listeners far outweigh paid music listener subscriptions. 78% of listeners are unlikely to pay for a streaming service. While the number of listeners willing to pay to stream music is rising (8 million in 2010 to 41 million in 2014), the majority of listeners still stream for free through ad supported streaming.

 

Infographic: The Rise of Music Streaming | Statista

 

Online Music Streaming Sites

Top free-to-consumer and paid-for online music streaming sites:

2015 Statistics on Music Streaming

2015 Statistics on Music Streaming

 

Summarized

Music streaming ad space is an evolving landscape. There is considerable marketing potential with ad music streaming to cost effectively reach who you want, when you want and get analytic data insight into your advertising. But the ad music streaming market has considerable volatility with a fragmented and growing market share (no single dominant market player) and a transient listener base (most subscription services are monthly). Market share fragmentation increases with traditional radio adding online streaming to their traditional radio broadcasts for advertising spots.

Having a media buy partner such as Heyden Communications can help you understand your audience, where they spend their time, and find the most cost effective listener channel (radio, social media, digital interactions) to reach your audience, market your brand and generate ROI.

 

 


 

Check the Sources:

NielsenEdison ResearchEMarketerAdWeekIFPIStatistaAdNewsNew York TimesFastCompanyCNetWikipediaWall Street JournalStatistaTechCrunch

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