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Consumers' Willingness to Pay for Music Downloads Grows |
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Tuesday, 19 April 2005 |
Consumers' Willingness to Pay for Music Downloads Grows, Says In ...
Tekrati Industry Analyst Reporter (press release), CA -
SCOTTSDALE, Ariz., April 18, 2005 - While Peer-2-Peer and piracy issues have not
entirely disappeared, consumers are showing heightened awareness and interest in
legitimate online music services, reports In-Stat (http://www.in-stat.com). The
worldwide online music market is expected to grow 134% this year, reaching $1
billion for the first time. With increased competition between sites this year,
differentiation will be a key strategy. Sites are building larger catalogs and
working with labels to offer new types of digital content, such as live concerts
and remixes. In addition, branding and customer loyalty will be a primary focus.
A recent report by In-Stat, included a consumer survey and found the following:
* Over half of the survey respondents who have downloaded music from the
Internet admitted to not paying for it.
* The average amount spent in the past year for online music was $25.
* 35% of the respondents are owners of an MP3 player, with 70% saying it was
their first one.
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