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When profitability and economics require the music industry to embrace change

When profitability and economics require the music industry to embrace change

THE SITUATION:
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Pain points in the music world abound. The changing landscape of music consumption and sales has disrupted the revenue engine for the music industry.

 

Streaming services are not adequately compensating artists and rights holders for music. Certain genre titles are streamed less often than other genres. And the rapidly-changing number of streaming choices for consumers may be leading to confusion and fractures customer bases.

To address these challenges, we undertook research for our international music trade organization client to bring an understanding of today’s consumer engagement with music streaming services.

 

MAGID APPROACH:
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WHEN IT COMES TO MUSIC, YOU HAVE TO DIG DEEP AND REACH BROADLY TO UNCOVER THE INSIGHTS THAT CAN DRIVE CHANGE AND ADOPTION

 

Magid used large-scale online quantitative research and advanced analytics to reveal differences and similarities between users of free and paid streaming services, as well as programmed and on-demand services to complete a full picture of the streaming marketplace. We were also able to discern the preferred price points and other factors that best encourage a shift to paid streaming.

These learnings were important for defining go-to-market strategies and opportunities for driving higher streaming engagement and relevant direct and indirect music revenue.

Magid was uniquely qualified for this assignment, having worked at various stages of the business lifecycle for new and established streaming brands, providing services ranging from concept testing, marketing sizing, price modeling, message testing, user satisfaction and much more.

PROJECT DELIVERABLES:

» Concept testing
» Marketing sizing
» Price modeling
» User satisfaction
» Free vs. paid momentum
» Public presentations

 

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