Young people pay for music more than their parents
Study shows that young Americans pay for music more than their parents
Young Americans pay for music more than their parents, according to a new study.
The research was carried out by John Blackledge and Tom Arcuri of financial services company the Cowen Group.
Business Insider report the study found that 46% of respondents in the US aged between 18-24 had bought music over the course of the past month, compared with 26% of the 45-54 age group. The findings also show that only 26% of the 65 and overs paid for material over the same time.
The findings appear to challenge the perception that young people tend not to pay for music.
Cowen have also found that while Spotify is leading the way when it comes to streaming services, it’s finding increasing challenges from Amazon, Apple, Pandora and YouTube. They say that revenue from on-demand music services is expected to double by 2021 and will rise from 18% of industry revenue this year to 40% by 2021.
In May, The Trichordist said a songwriter would need 288 million streams of their work to earn the average salary of a Spotify employee.