There are really two incredible concepts in this blog post today.
The first is research from Pandora that says Millennial listeners would rather spend their money on “experiences” rather than “things.” And those experiences include: travel (81 percent), concerts (60 percent), movies (49 percent), music festivals (32 percent) and sporting events (26 percent). The title of the study is “Experiences are Unforgettable” and nearly 4,000 Pandora listeners were surveyed. One important nugget that Pandora unearthed is that the FOMO (Fear Of Missing Out) effect is real and alive in Millennials. Twenty-five percent say FOMO is a driving factor to attending music events. That’s why sponsors of events and other experiences need to take advantage of the “before” or the anticipation time period as much as the event itself.
Millennials love brands that sponsor experiences: Eighty-two percent said they notice a brand sponsoring a music event. “And one in three have a more positive opinion of that brand after the event.”
The value added to this blog and the second incredible concept is that Pandora is doing research and sharing it with the world. They have a large universe from which to appeal to a large sample size. Granted, you would have to make assumptions about the universe, but it is captive and active.
Pandora is gathering reams of data about listeners in ways no other medium could hope to have. And now they are sharing with all of us, for free — just like their music.