Does any single person, single group, single field of recreation or study, ever truly know when it is in the midst of a genuine “new movement?” If yes, beyond basic awareness, do any of the aforementioned ever have the ability to truly take advantage of any massive changes – to their fullest potential – whilst said changes are occurring?
Entries in Consumer Trends (6)
In 2012, we at Gracie Management created a model to predict high music consumption among Millennials and what drives music consumption, which led to great conversation. Since then, we have conducted new research and analysis, this time among the next generation – The Pluralist Generation (Plurals). The Plurals, as coined by Magid Generational Strategies, are those born beginning in 1997 and defined as least likely to believe in the American Dream, affected blended gender roles, last generation with a Caucasian majority, etc.
You can read the Gracie Management full report on the influence of music-based communities on Plurals’ music consumption habits – click here. For a quick take, here are the core findings and implications:
With a rise in social TV, multi-channel engagement, and recent reports suggesting that there are more mobile phones than people in 4/6 of the World’s regions, this year will no doubt be an interesting one for social media, but how will these trends impact the music industry?
If you use the internet frequently, chances are that you’ve been noticing a few things on the rise: meme images or animated .gif’s, certain types of videos, infographics, etc.
Why not use these viral trends and put your own spin on it to create fun, engaging, easy-to-share content with your fans?
- Memes: Meme images have exploded online, especially in geek culture. These images have spread to billions, each with their own take of the images, from “Y U NO” guy to the ever so lovable Nyan cat. You can create your own memes for free using generator sites like weknowmemes.com and memegenerator.net. You can make it more personal fans by talking about specific points in your band’s history, favorite songs or themes, and also inviting them to create some of their own. Most meme websites also provide multiple examples of each image in case you don’t understand the logic behind that type of meme. Read a few, then create your own. Here are some that I made for my band, The Slants, that generated some great buzz from our fans:
How important is it to know who really cares about your business or your music?
Until very recently, most successful businesses would aim to market their goods or services to the ‘safe centre’, the large section of society that follow the crowd in seemingly predictable ways.
Trend setters, geeks and super-fans were not worth marketing to directly because there are never enough of them to sustain growth.
Have you bought a video game recently? Have you ever made an in-game purchase? Do you consider pre-roll, banner or in-game advertising acceptable? Do you think buying video games online or on a mobile device is normal? Has the video game industry turned social networking into a revenue generator through multiplayer gaming?
Every day, I’m meeting people who could answer “yes” to all these questions - which raised a very important question in my own mind: if we replace the word “game” with “music,” why aren’t these answers still “yes?”
The music industry has a lot to learn from the video game industry. We’ve finally gotten past the “save the CD” era, but the music industry is still lagging when it comes to proactively developing new business models. Just as the video game industry has continually adapted and reinvented itself in the last few decades – arcades to consoles to mobile to online to apps to ad-supported and so on – the music industry must learn to quickly spot new consumer trends and behaviors, and then adapt the technology and business models to turn those trends into new revenue streams.
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(Updated July 8, 2015)