Music still sells…
Despite much editorial about the right business model of the future there are still some artists who appear to generate some serious revenue. That’s not fundamentally the result of clever marketing or new business models. It’s down to old-fashioned consumer love for an artist that translates into purchase activity.
If you subscribe to PopScores you can see this firsthand. Most of the artists tracked by PopScores manage to score a purchase propensity of only 5% ie just one in twenty people who are familiar with these artists are inclined to buy new music by them. The average varies across demographics but the highest purchase propensity rate is with teenagers (7%) and it then declines to 3% amongst 50-59 year olds. So the consumer segment that has the strongest passion for artists and seemingly the highest stated purchase intention is also the one most likely to help itself to free music through social networking and file sharing bit torrent sites.
Now, what PopScores reveals is an exceptionally strong purchase propensity for some artists and these are typically artists who sell well in the adult segments despite that market’s relatively low inclination to buy music. Take That for example have a purchase propensity which is x 5 the average in the oldest segment (and amongst women). It’s no surprise therefore that they continue to sell music at a prodigious rate.
Listed below are the twenty acts with the highest purchase propensity. Obviously being in this position is no guarantee of success if the album is poorly received but what it does provide is the lifeline to come back with something that delivers what consumers want.
Popscores Purchase Intention
Let’s focus upon Kings Of Leon. Here is an act whose Informed Awareness is only 75% which places them in 90th position. However, their purchase propensity score is an overall 16% across all demographics and that puts them in 3rd position. What is remarkable is that although Kinds Of Leon are an act with its primary market in the 13-29 year old segments they manage to score x4 the average purchase propensity with the 30-49 year old demographics and over twice the average in the 50+ year old segment.
Not only do Kings Of Leon currently command more purchase intention than the vast majority of more familiar artists, it’s highly likely that with increasing familiarity they will become one of the biggest selling artists in the UK. Only The Killers are in their company with a 79% informed awareness and a 15% purchase propensity.
I want to thank the blogger very much not only for this post but also for his all previous efforts. I found entertainmentmediaresearch.co.uk to be very interesting. I will be coming back to entertainmentmediaresearch.co.uk for more information.
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