From Music Industry 101:
The music industry has lost billions of dollars in revenue over the last decade. Nielsen says the industry can use generated at least a half billion in incremental revenue by allowing fans to better connect with artists.
Nielsen’s study was unveiled Tuesday at a SXSW panel titled “The Buyer and the Beats: The Music Fan and How to Reach Them.” A survey of 4,000 music consumers, which included PledgeMusic users and SXSW attendees, examined the degree to which different types of consumers want to connect with artists through exclusive music merchandise.
The bottom line: Nielsen found there could be potential incremental revenue of $450 million to $2.6 billion if artists, managers and labels offered a better set of products and experiences to fans.
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