British Music Rights survey on music consumption of people aged 14-24. The average age of respondents was 22. This is the largest UK academic survey of its kind.
* 14-24 year olds love music – arguably more than any previous generation.
Well I am not quite sure about this one, but lets move on.
* But their consumption of music is changing significantly – the perceived value of sharing, recommendation and copying have all increased.
The world has changed for the digital kids.
* The upshot? Emotional importance does not correlate with spending – especially compared to other entertainment sectors.
* Around 90% of respondents now own an MP3 player. They contain an average of 1770 tracks – half of which have not been paid for.
IMPORTANT TO NOTE – the MP3 player is only about 8 years old.
* 58% have copied music from a friend’s hard drive to their own, and 95% copy music in some way.
* 63% download music using P2P file-sharing networks.
* 42% have allowed P2P users to upload music from their computer. Much of this behaviour is viewed as altruistic.
* 80% of current P2P users would be interested in a legal file-sharing
service – and they would pay for it too.
* The CD is not dead. Even if a legal file-sharing service existed, over 60% say they would continue to buy CDs.
* Money spent on live music exceeds that spent on recorded music
This is all very good news for the music industry.