BUS P3 MUSIC (CURRENT TRENDS IN THE CONSUMPTION OF RECORDED MUSIC) Flashcards
What was the music market valued at in 2023?
The music market was valued at £2,219 million in 2023.
The market contributes significantly to the UK economy and source of employment.
What are vinyl records?
Vinyl records were historically the only way to enjoy recorded music, however technological advances through the development of asserted tapes and CDs led to the decline of vinyl during the 1980s, which accelerated in the 1990s.
What was the first recorded music played on?
The first recorded music was played on the phonograph, invented by Thomas Edison in 1877.
What are the factors that have contributed to the growth of vinyl?
- Nostalgia
- Collectability
- Authentic listening experience
- Tangibility
- Aesthetics
- appeal to new audiences
- record store day and music festivals
- DJs and music production
- Social media and digital marketing
- Independent record stores and vinyl communities
What are cassette tapes?
Cassette tapes were widely used in the 1970s and 80s.
The Sony Walkman enabled people to listen to cassette tapes while ‘on the move’, which was considered revolutionary at the time
What are CDs?
CDs became popular in the 1990s, offering higher quality sound compared to vinyl and cassettes, that was easy to transport.
Sony developed the Walkman idea by creating a CD version.
CDs are still popular today, with many car music systems still relying on CDs
What is digital / internet based music?
Digital music, including streaming, took over from physical music in 2015 as the most popular way to consume music.
Streaming services have made music more accessi le and convenient, but some artists are concerned about their compensation
What did a 2023 survey show about digital music?
According to a 2023 survey, 73% of people use audio streaming services, with 32% of their listening hours coming from streaming
What are the advantages of streaming music?
Streaming offers various advantages:
- Versitility - people dont have to store bulky vinyl records, cassettes, CDs
- Can be listened to anywhere
- usually cost effective - can access such a variety of music with a small fee
How are social media platforms used in music?
Social media platforms are credited with bringing new artists/music into the mainstream.
The song ‘just for me’ by PinkPantheress gained attention on TikTok which led to its release in august 2021
Are music streaming services usually free?
Some music streaming services are free whereas others charge a fee.
Many music streaming services offer a free version to attract users, however they offer an upgrade to the paid-for services.
Does the method of offering a free streaming service to covert customers to the paid subscription work?
Surveys found that 75% of people with a paid-for subscription initially use the free service.
This shows a relatviely high conversion rate
Are most artists signed to record labels or not?
In 2023 around 72% of total streams were by artists and bands signed to one of the three main record labels - Sony music, warner music, universal music
28% belonged to performers signed on an independent record label
How can the evolution of music be analysed?
The evolution and relative popularity of different mediums to consume music can be analysed using the product life cycle
What is an example of music product life cycles?
The cassette tape was once a popular way of listening to music but today very few people buy or listen to cassette tapes
What is the product life cycle for music?
- Development - all products need to be developed before they are sold
- Introduction - the product is first launched onto the market
- Growth - sales of the product increase swiftly as the product becomes well known
- Maturity - sales and profits reach their peak during maturity
- Decline - sales of the product and profits start to fall rapidly
- Extension strategies may be used to prevent the decline
What is live music?
Live music is a popular way to consume music, and continues to increase in popularity.
Music fans enjoy the experience of seeing their favourite artists live with like-minded fans.
What does the growth in demand for live music show?
The growth in demand for live music reflects the general social trend of the growth in demand for social experiences rather than tangible products.
Experiences can lead to greater enjoyment and happiness because theya re more social in nature, less comparable, and more central to the self.
What is radio?
Radio is a traditional way of consuming music, but is currently growing in popularity.
According to radio joint audience research, 51 million adults listened to the radio each week in the third quarter of 2024
The radio is still a key way of consuming music in the UK, and can have a major influence on music trends
What is the demand like for pre-loved music products?
There has been a growth in the selling of pre-loved and owned music products such as CDs and vinyl on sites such as facebook, amazon, ebay.
What is CeX?
CeX is a second hand electronics and entertainment retailer and includes music products such as CDs among its product list.
New businesses such as CeX have been created to help customers dispose of unwanted products
What is the affordability of music generally like?
The affordability of music (and going to events) varies over time.
The cost of living in recent times has been historically high.
The rising cost of living meant that people have less money to spend on music and entertainment, which can lead to reduced demand for music products.
What are some of the ways why there has been a rise in the cost of living?
- Increased taxation
- High interest rates
- Housing costs
