Record sales are in the dumps...this cannot be denied. One thing might keep the music industry chugging however, as highlighted in an interesting article by Digital Music News. A study from Eventbrite indicates that although Millenials are cutting down spending on "things" (like albums, we suppose), they are spending much more on "experiences," such as music festivals.
Nearly 70 percent of the respondents to the Eventbrite questionnaire expressed interest in attending live events to "connect with friends with their friends, with their community and people around the world." More than 80 percent had reported attending a "live event" during the previous year and planned on doing more of it in the future. Digital Music News gives EDM festivals as an example, where people attend more to dress funky and have a good time than out of an actual appreciation for the music (which explains why house is so popular still).
That's the optimistic outlook: Millenials are a more connected generation than the ones that preceded it. More cynical and more likely correct, in our opinions, is the theory of "Fear of Missing Out" or FOMO. People have always regretted missing out on an awesome experience as described by their friends, but the theory argues that this has been exaggerated in recent years because of social media. Now you not only have to listen to your friends tell it to your face but must also look at their tweets, Instagram photos and Facebook posts.
One fallacy in logic that the article presents is that "Millenials aren't gravitating towards professions focused around greed" and consequently don't have the money to "flaunt wealth" in the form of cars, clothes and albums we suppose. That's a cute notion but look at the price of a music festival or similar "experience" before you claim the Millenial generation isn't focused on money. Next weekend's TomorrowWorld EDM festival in Atlanta costs a bare minimum of $357 for a weekend pass...and that's a pittance compared to Coachella.
Digital Music News is 100 percent correct in its assertion that companies such as BandPage are right on in helping bands set up exclusive experiences for fans to buy into. That may be the future for profiting from music for performers.
