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For many, there’s nothing like listening to some good music while unwinding from a stressful day, getting amped up to head out for the night or cruising in the car. Indeed, in an October 2014 study from GroupM ESP conducted by GroupM Next, US internet users ranked listening to music as the most important activity in their lives, at 22% of respondents. Meanwhile, watching television and reading came in second and third, at 21% and 20%, respectively.
Based on the study, consumers want their music live, too, with one out of every two respondents saying they had attended a live concert or festival in the 12 months leading up to polling. And they didn’t just head home humming tunes on repeat—they also had brand sponsors on their minds. One in three concertgoers said they remembered the show partner of the last live event they attended, and fully 44% of respondents said music partnerships were the factor most likely to increase positive feelings toward a sponsor brand—higher than the percentage who said the same for sporting events, TV shows and award shows.
Concert sponsorships help influence purchases, too. Four in 10 said they were more likely to consider purchasing from a music event sponsor brand in the future, vs. 35% who said so for TV, 34% for sports events and 31% for awards shows.
GroupM noted that brands could extend their reach among concertgoers even more by leveraging the rise of digital technology. Fully 56% of respondents said they would pay extra for an LED bracelet that lit up in-sync with the music, and half would pay extra for an app that let them request a song during the show.
Brands are increasing their spending on live event sponsorships. Citing data from IEG, GroupM reported that brands spent $1.43 billion on live music sponsorships last year, and investment had increased more than 33% since 2010. However, the source noted that this was a still a sliver of overall music industry revenues.
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