Looks Like Millennials are More Likely to Pay for Music than Other Generations
Despite what you may expect, it seems like the generation that grew up with the introduction of the Internet era and all the things that came with it like Napster, Kazaa, and torrents are actually more likely to pay for music than older generations. This according to a recent study done by the Cowen Group and published by Business Insider.
Obviously, this goes against all the common conceptions about younger people being entitled and trying to get all their media for free, but it also shows that older people just don’t seem to pay for music anymore. Of course, these are are generalized statements… but the data here doesn’t lie, even if it might be questionable.
The study was conducted using approximately 2,500 US participants who were asked whether or not they had paid for music in the last thirty days. 46% of people aged 18-24 claimed they had paid for music at least once in the past month, with the next age bracket (25-34) coming in at 45%. Those percentages show an inverse relation with older generations; as the age increases sales decrease, ending with people aged 65+ only paying for 12%.
Aside from a few inherit flaws with studies like this, it brings about some interesting insights and questions:
- Even at its highest point, less than half of any age bracket is paying for music.
- What outside factors lead to older generations buying less?
- Where specifically did this data come from?
- Does this constitute digital/physical sales, or both? What about streaming services?
- Do illegal downloads actually help music sales?
Though it might raise more questions than it answers, it’s certainly interesting information.
Have you paid for music recently? If so, what have you bought, and what is your preferred method of doing so? Let us know.
