The numbers are truly staggering when you think about it, 72% of all weekly streams on Spotify come from the Millennials. Those accessing the streaming service on multiple platforms listen for an average of over 2.5 hours a day! We’ve learned companies are collecting data to profit from our listening/viewing habs but the first question is what are they going to be doing with all of the data they’re collecting from their users listening habits? I am a premium paying member after the ads that played after every couple of songs during the free trial began to get on my nerves. I charge the subscription to my credit card and don’t think twice about it, I can listen at work, on a bike ride, in my car, anywhere really. I still will buy vinyl records every now and again but aside from that I can’t tell you the last MP3 I actually purchased online. Obviously this shows how millennials are consuming their music, but what can Spotify do with the data to profit from all of this?
After reading the article above, I was surprised to see that Spotify gave exclusive rights to AdWeek to take a look at the numbers they’ve compiled based upon their listeners’ viewing habits. The fact that Spotify would allow another company rights to view this data to help get a better understanding tells me they’re not quite sure what to do with all of their data yet. How can they turn the fact that I like to listen to Kurt Vile at work on Mondays but not Fridays into dollars and cents? For me, my listening habits are sporadic throughout the day and are probably the greatest during warmer months on the weekends. I jump back and forth between podcasts, sports talk radio & Spotify throughout the day but what does this mean for marketers? I guess they can try to pinpoint the times I’m at my computer and generate advertisements embedded within the Spotify player but if it goes beyond that I’ll have to rethink my subscription. I pay the premium price to tune in commercial free but seeing the route websites and streaming services such as YouTube have gone introducing ads you cannot skip over or that begin playing the second you go to their website I fear a change will be coming down the road.
I found this article interesting and strange at the same time because it didn’t really elaborate on what they intend to do with this data. The number that really jumped out to me was 143 minutes – that is the amount of time spent on the app for Millennials who access Spotify on multiple screens. While that might seem like a lot of time to reach your target audience, I’d say more than 95% of the time I’m streaming Spotify the screen is minimized on my computer or my phone is in my pocket and I’m not actively looking at my phone. So how can they benefit from these numbers if the main reason people subscribe to their premium service is to keep it that way? It seems to me like several companies who are sitting on a large amount on data might not know how to profit from it for the time being. It could lead to a big pay day or it might be worthless, but that’s up for those in the industry to figure out. Either way, the numbers are truly incredible and offer an insight into how Millennials listen to music on a daily basis. How do you think they’ll try to profit off of our listening habits next?