Every generation has a group who revolutionizes an industry. Today, millennials are drastically shaping the way music is consumed and experienced.
For the first time ever, the music industry saw declines last year in digital music downloads, while at the same time, vinyl record sales jumped 31 percent, according to Nielsen Sound Scan. Last year was also the first time in the digital music era that the top 10 vinyl-record sales came from newly released albums.
Unlike previous generations who wanted quantity over quality, millennials are paying more for a quality listening experience. This is evident by their desire to pay a premium for high-definition tracks, which are now the fastest growing source for downloaded music.
The Vox media player is one of the biggest benefactors from this millennial movement. When we released Vox last year, we weren’t expecting it to go viral around the globe, but in less than one year, it is now the most popular media player without any promotional budget. It’s the most popular media player according to AppAnnie and the Mac App Store, and our internal analytics show millennials are the huge driving force behind this movement.
This rapid growth has accelerated the development of a new Vox music Cloud and app that will allow music lovers to experience studio quality sound from anywhere in the world on their mobile device.
What Advertisers Can Learn From Music
Advertisers have unsuccessfully tried for the past 10 years to reach millennials, yet they have not been able to understand how and where to reach this fractious group.
If music is any guide, advertisers should look to music trends to learn what millennials want.
Go to any urban area and you will see how millennials are replacing their $300 sneakers for $300 HD headphones. My generation and others were always focused on getting the most bang for your buck, but this not how millennials think.
Millennials have already shown they are willing to pay more for quality when it comes to music, and this group has created an entirely new industry, almost on its own, from HD headphones to HD media players to HD tracks.
This millennial trend in music should guide other industries on how to reach those born in the 1990s or later.
About the Author
Peter Bondarevskyi is the co-founder of Coppertino, the company behind the Vox HD media player. In November 2014, VOX will be launching two new services - a Cloud exclusively for music lovers and an app that allows consumers to listen to all of their different music libraries from one location.