Westwood Once recently released a blog that focused on some of the key findings from Edison Research’s Q1 2016 “Share of Ear” study which highlights that audio consumption is as hot as ever and AM/FM Radio is still the “King of the Space”
Here were some of the key findings
Despite advertiser perceptions, AM/FM radio is the king of all audio. AM/FM radio’s 52% share is 9 times bigger than Pandora and 17 times bigger than Spotify.
Pandora stalls, Spotify grows. For the first time ever, Spotify beats Pandora among 18-24 Millennials. No wonder FMR Capital Markets analyst Barton Crockett concludes, “Pandora pioneered something really interesting, really special with their free ad-based streaming music…(but now) the early adopters are moving to on-demand, and mainstream America is still in love with AM/FM radio.”
Time spent with streaming grows at the expense of owned music, not AM/FM radio. Americans are now renting their music versus buying. The growth of on-demand platforms like YouTube and Spotify means less time for the music people purchase.
For the full article, click http://westwoodone.com/BLOG/ViewBlogPost?EntryID=167
