In looking at how businesses are being changed by digital platforms, music is no exception. Here we examine how consumer expectations, participations and changing demographics will all impact the music industry moving forward.
Guest post by Michelle Aguilar of the TuneCore Blog
It is probably no surprise that businesses are being transformed by digital platforms such as Facebook. The platform has recently released a report that looks at the different ways in which businesses are being reshaped. Out of the many insights from the report, there are three findings that can be of great use, especially if you are an independent musician.
Consumer Expectations are Increasing
Facebook notes that people are expecting higher quality in mobile experiences and customer service. Reflective of their data, Facebook conversation around ‘user experience’ has been observed to grow considerably. Because of this increase, people are more accepting of surging prices. There is a willingness to pay for more convenience. This highlights the need for business to gain better understanding of the modern customer experience.
As a musician, this data can be applied to the digitalized aspects of your endeavors. Your website, press kit, and social media are all channels you can clean up and modify to make information accessible, easy to navigate, and responsive. You can also compare this to your experience as a user when attempting to connect to a business; you’re more likely to engage more when the experience is without stress or confusion.
Consumer Participation in Ecommerce is Increasing
An increase in globalization has significantly influenced the ecommerce reach. According to Facebook, more than one billion users are connected to another business in another country. Two in three online shoppers have already shopped cross-border. To give you a statistical run-down on people per region around the world are connected to a business in another country:
- In the US, over 60%
- In Canada, over 60%
- In the UK, over 75%
- In Germany, over 75%
- In India, over 40%
- In Japan, over 30%
- In Indonesia over 45%
- In Brazil, over 60%
- In Mexico, over 60%
If people are becoming more willing to make business abroad, it is important that you make your music and music events available internationally available on the web, this includes making your music available on Spotify or other streaming services. You can also include a ‘tip jar’ to your website by creating an account on www.paypal.me—there, people can make donations by sending payments to your PayPal account.
Millennials Are The Most Populous Generation in the U.S
According to Facebook, it is estimated that by 2020, Millennials will make up half of the global workforce. The Brookings Institution, a non-profit public policy organization, has defined key Millennial values that will shape the future of the American economy—these include:
- An interest in daily work that reflects and is a part of larger societal concerns.
- An emphasis on corporate social responsibility, stronger brand loyalty, ethical causes, and ability to offer specific solutions to specific social problems.
- Respect for the environment.
- Ability to build communities based on shared interests rather than geographical proximity, which in turn bridges dissimilar groups.
It’s important to become acquainted with the demographics that will make up most of the future workforce. After all, you are ultimately trying to find financial sustainability through your work (work which doesn’t come close to those that have a promising check every other week).And since Millennials listen to 75% more music on a daily basis (ERA) compared to other generations, these insights can serve as a guide to help you better understand your target audience.
Are there any social, economic or environmental issues that you’re interested or passionate about? If not, try to think about your personal interests; there is always someone out there that can relate and you never know, something that makes you tick may do the same for 100 (or more) others.
As an independent musician, staying on track with digital trends can be laborious since most of the time you’re busy producing, searching for gigs and doing a hundred other things to keep the ball rolling. So I hope that this brief recap on Facebook’s digital report can help fine-tune business for you and keep you prepared for your current endeavors!
Do you know of any other social media/digital trends that may be of use for other musicians? How have you managed to stay active on social media platforms? Feel free to share with us below in the comments.