Nielsen is a company built on the system of studying the trends and habits of consumer markets worldwide and they’ve gotten to be very effective at it. They study every media platform, the number of users that are on it, and as a result have become a very useful tool for marketers at many different companies.
Just last month, Nielsen conducted another one of their studies on live music events and those who attend them. The study proved that live music events are far from being dead and that they can be an excellent opportunity for not only marketers within the music industry but also general marketers.
Some of the interesting statistics from the article written on the study are below:
-“U.S. adults 18+ who have gone to at least one concert/festival in the past year (live music attendees) spend 60% of their average annual music spend on live events. Comparatively, they spend 12% of their spend on satellite radio and streaming subscriptions and 12% on CDs/vinyl.”
– “69% of Millennial music event attendees and 79% of Hispanic music event attendees say they would view a concert sponsor more favorably if it handed out branded merchandise.”
-“34% of live attendees who are unable to attend live events say they follow along on social media, 21% say they read reviews afterwards and 17% text people who are in attendance. In addition, 29% of live music attendees say they check artists’ websites and social media accounts after events.”
This information opens up several doors for potential marketers. First off is the available market that they can go after. There is still a large group of people who enjoy going to concerts and marketers are given the opportunity to show their brands in an environment full of enjoyment.
However, it is also important to take note of how you’re advertising to the consumers. As Nielsen points out, a majority of the concert goers appreciate branded handouts as opposed to brand posters or brand names on the stages. Additionally, there is an opportunity for marketers to reach those consumers who were unable to attend the live event, perhaps on social media or on other review sites. The bands themselves can market on their own sites by putting up video footage that will draw fans to their pages, creating opportunities to sell merchandise and tickets to future shows.
As powerful as music streaming and download sites have become, there is still importance associated with live events and marketers need to take note of it.