Monday, February 16, 2015

How We Spend Money On Music Is Changing

93% of the US population listens to music, spending an average of 25 hours a week listening to their favorite songs, according to Nielsen's Music 360 Report.

That said, 2014 provided a paradigm shift in how we consume music, as streaming has now become the preferred method.

In fact, 67% of music fans tap into streaming music on any given week.
Indeed, we streamed more than 164 billion tracks last year alone.

That said, Americans spend an average of $109 a year on music, and you'd be surprised how we spend it.

As you can see from the chart on the left, the majority of the money is spend buying live music tickets, and the next largest sum is buying CDs!

That's followed by buying music gift cards for others, and tickets to music festivals. Paid online streaming is almost last, which means there's big room for growth in the future.

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