For many years music fans have been moving towards cheaper or completely free ways of consuming music, but the vinyl LP format is not only growing, but actually costs more than other formats
New York, NY (PRWEB) August 21, 2012
With the music industry having been in a downward spiral for many years, there has been an increase in digital sales, and more specifically, digital singles, but their costs are a fraction of what an artist and label would collect in the past. The Gracie Management Poll™ has found that a sizable minority of core music consumers, 30%, representing over 21 million people, have an interest in purchasing a vinyl LP in the next 12 months, even though the cost in many cases is greater than buying an album on iTunes or a physical CD.
"This is an important finding. For many years music fans have been moving towards cheaper or completely free ways of consuming music, but the vinyl LP format is not only growing, but actually costs more than other formats, showing the greater financial commitment some fans are willing to make, which also suggests a stronger general bond to the artist whose LP they purchase," says Chasson Gracie, Founder and CEO of Gracie Management.
Further digging into the data revealed the typical vinyl buyer is more likely to be a male (62%) who listens to music as an intellectual experience (66%). In addition, he is more likely to be middle-class in respect to income and either currently in college or already graduated (69%). “He is not rich, but he has reached a point in his life in which he has some disposable income, and is willing to spend it on things that give him value and an experience, such as shopping for and buying vinyl records. Based on RIAA data, we should expect this population to continue to grow,” continues Chasson.
“While I would recommend that mainstream and independent artists give serious thought regarding the vinyl LP as it can be a great return on investment, I especially recommend it for artists whose music might be more of an intellectual experience and see themselves having a fanbase like that of a Sigur Ros, Bloc Party, Bjork or Radiohead,” says Chasson.
Results for the Gracie Management Poll are based upon online interviews that were conducted on June 29, 2012 among 521 adults between the age of 18-34 (considered the core music consumption age group), living in the United States and part of an opt-in panel. Results are based on the total sample of US online adults between 18-34; one can say with 95% confidence that the maximum margin of sampling error is ±4.3 percentage points.
The sample targets were set to accurately reflect the US 18-34 online population (94% of total US 18-34 population are online). Demographic weighting was applied to race/ethnicity and gender based on the 2010 Decennial Census to ensure results are representative. In addition to sampling error, question wording and practical difficulties in conducting surveys can introduce error or bias into the findings of all public opinion polls.
About Gracie Management
Gracie Management, led by Chasson Gracie, a ten-time marketing award winner who is also Head of Strategic Planning for the New York office of Dieste, combines strategic planning with statistical modeling for musicians, record labels and artist managers to leverage data for smarter campaigns, promotions and platforms; identify their audience, learn how they consumes music, and grow their influence. The unique method brings a science to a field that has long survived on gut decisions, which in many cases has damaged careers. Gracie Management has worked with musicians on an international level, lending its methodology and expertise to Universal Music Group and independent artists.
For more information visit http://www.graciemgt.com/ or follow @GracieMgt on Twitter.