The music industry has gone through its rough patches — primarily, suffering from a lack of record sales due to problematic piracy. And if you think about the way you consume music compared to the previous 15 years, well that’s changed, too (RIP to the Walkman).
Streaming music services such as Spotify, Pandora and Apple Music, just to name a few, have gained incredible momentum among consumers — contributing to over $4 billion of the music retail revenue in 2017.
What does this mean for advertisers?
With available ad-supported streaming options, consumers have the flexibility of listening to their favorite artists at no cost, in exchange for a few ads. This brings value to the music streaming platforms attracting an array of consumers that all carry their own unique demographic and psychographic qualities.
Advertisers can then use the music platforms’ targeting capabilities to reach their desired audience segment as they tune in to their favorite jams during their day-to-day activities.
We’ve composed an infographic that highlights why you should be advertising on music streaming services — including a comparison between Pandora & Spotify.
What do you think about adding streaming music to your media mix? Get in touch with us if you’d like to learn more!
–Nidia Verdugo, Media Buyer