Here are some quick stats about Facebook and music that basically add up to this – Fans and artists love to connect on Facebook, but not for spending money on music related items.
- Music-related pages are about a third of the top 20 pages on the site (Inside Facebook)
- Music-related pages are fourth most likely to be “liked” (HubSpot Blog)
- BUT – there is only one app in the top 50 apps on the site that is music related (All Facebook)
Apps are where money is made on the social network itself, and the music industry needs to learn how to better take advantage of them. Even RootMusic, the one music-related app in the top 50, simply turns into an app what we already knew – that music fan pages were very popular on Facebook.
What the music industry should be working toward is leveraging the social entertainment aspect of Facebook in the way companies like Zynga are doing. Yes, social networks help drive fans to stores and events where music can be monetized, but there is enormous revenue potential on Facebook (and other social networks) that the industry hasn’t even begun to tap. Apps are at the heart of this potential. Fans love musicians on Facebook, but we need more and better apps to deliver a product fans are happy to pay for and not just chat about.
Read more about our views on the future of the music industry at http://blog.mxp4.com/
Albin Serviant is an established digital media entrepreneur and CEO of innovative interactive music technology developer MXP4.