Due to a budget emphasis on television and other digital media advertising, it is challenging to persuade large brands to devise music-focused campaigns. However, seeking to pinpoint the top component that drives a consumer, a study titled The New Music Models For Brands was conducted by research units of the world’s largest media-buying corporation, GroupM Entertainment & Sports Partnerships (ESP) and GroupMNext.
The 12-month research project polled 2,000 respondents of all ages in order to determine how consumers and brands intermingle in music environments. According to a Billboard Exclusive, the study “found that music was the most important medium in consumers' lives, out-ranking TV, reading, social media and going to the movies.”
The study reveals other crucial marketing factors on brand favorability and a consumer’s willingness to spend money. Patrons are 44 percent more likely to have a positive opinion about a company that sponsors a concert or venue. In addition, the majority of dedicated concertgoers are likely to spend on merchandise and recorded music.
The study’s results stress the importance of live music performances and aims to assist campaign development toward incorporating music in advertising and sponsorships. Rob Wells, President of Global Digital Business at Universal Music Group, comments, “I think there's going to be a lot more done with recordings of live events. The beauty of the new digital space is, you're not confined to shelf space in a store. I think we're going to see a lot more exploration of monetizing live performances."