Have you ever listened to your favorite band’s album and wondered, “That’s it?” As a consumer, you’re not the only one, and the music industry is feeling the consequences.
The music industry could make about $450 million more than its already $2.6 billion in revenue if artists, managers and labels offered additional content to fans, according to a recent Nielsen study.
SXSW surveyed 4,000 consumers for the study, which examined the degree to which fans are willing to connect with artists through exclusive merchandise like limited-edition signed posters, bonus tracks, T-shirts and handwritten lyric sheets.
“I think that the music industry is constantly changing because society is changing,” said Lindsie Herring, a 20-year-old UF telecommunication junior and former intern at Country 103.7 the Gator.
Fans are willing to pay for extras if given the opportunity, according to the study.
Of the most-active music buyers, 53 percent said they would be willing to pay more for a favorite band while it’s recording a new album. Less-active buyers were predictably less likely to drop extra dough on music-related products.
Even the group Nielsen calls Ambivalent Consumers, which are 22 percent of the population and spend an average of $73 a year on music, said they would buy unique material if given the opportunity.
Director of programming for the College of Journalism and Communications, Jerry Butler, said technology such as the Internet is the reason for the change in the music industry.
“As a listener, as a consumer, we like to think that it’s all about us when in fact it’s still a business,” Butler said.
