The report, entitled Next Generation Music Products: Monetising Super Fans with Interactive Artist Subscriptions, argues that current music services are not dynamic, interactive or social enough.
This has fuelled a growing disconnect between fan engagement and fan monetisation. And, although Facebook and YouTube have taken artist-fan engagement to the masses, music spending is still falling.
Mark Mulligan, the brains behind the research, suggests that aficionados, or super fans, drive 61 percent of all music sales revenue, yet they are being ‘taken for granted’ and are ill-served by current products and services.
Many are now reducing their music spend by trading down from multiple album purchases each month to a single streaming subscription of £9.99.
Mulligan believes that fans now want more from their favourite artists, with 45 percent saying music is more than just the song – it’s about the artist’s story.
He said: ‘Digital music must make its way into the mainstream to build long-term viability, but it cannot do so whilst taking the core music fans for granted.
‘The music aficionados are the core drivers of music spending across all music products, and they now want more from their artists than the recorded music products currently delivered. It is time to meet and exceed their expectations.’
'A new generation of music products are needed, built around interactivity, multimedia and artist subscriptions', he added. ‘Products that will be radically different from their predecessors, and that will, crucially, be artist-specific, not store or service specific. Rights’ owners will have to overcome some major licensing and commercial issues, but the stakes are high enough to warrant the effort.
‘At risk is the entire future of premium music products and of safe guarding the spending of the super fans, without which record music revenues will dwindle into insignificance.’
http://www.midiaresearch.com/
This has fuelled a growing disconnect between fan engagement and fan monetisation. And, although Facebook and YouTube have taken artist-fan engagement to the masses, music spending is still falling.
Mark Mulligan, the brains behind the research, suggests that aficionados, or super fans, drive 61 percent of all music sales revenue, yet they are being ‘taken for granted’ and are ill-served by current products and services.
Many are now reducing their music spend by trading down from multiple album purchases each month to a single streaming subscription of £9.99.
Mulligan believes that fans now want more from their favourite artists, with 45 percent saying music is more than just the song – it’s about the artist’s story.
He said: ‘Digital music must make its way into the mainstream to build long-term viability, but it cannot do so whilst taking the core music fans for granted.
‘The music aficionados are the core drivers of music spending across all music products, and they now want more from their artists than the recorded music products currently delivered. It is time to meet and exceed their expectations.’
'A new generation of music products are needed, built around interactivity, multimedia and artist subscriptions', he added. ‘Products that will be radically different from their predecessors, and that will, crucially, be artist-specific, not store or service specific. Rights’ owners will have to overcome some major licensing and commercial issues, but the stakes are high enough to warrant the effort.
‘At risk is the entire future of premium music products and of safe guarding the spending of the super fans, without which record music revenues will dwindle into insignificance.’
http://www.midiaresearch.com/
