How do you stream?
- JC
- Feb 20, 2019
- 2 min read
As technology continues to rise in the market place, an interesting insight provided by Nielsen really made me want to explore this a bit further. The article by Nielsen entitled “Total Album Equivalent Consumption in The U.S. Increased 23 % in 2018” went into detail regarding the various songs that charted through streaming in 2018. Though what caught me off guard was the mention on smart speakers and their impact towards digital music consumption. According to Nielsen (2019), they claim, “We can attribute that to increased access to music with new smart speakers and connected devices that have helped catapult engagement and consumption to record highs.” This quote was from David Bakula, SVP Industry Insights at Nielsen Music.
I looked through a couple of other articles that talk about the importance of smart speakers and their value in the home. Smart speakers aren’t only responsible for the listening experience, but also can be programmed to do a bunch of other things as well. It leaves me wondering though as a consumer, which product would allow me to appreciate what I’m listening to more, a pair of Beats by Dre headphones or a JBL Bluetooth speaker? I’d have to conduct a qualitative analysis and conduct a field survey before I can truly answer this question, but one thing is for certain. Speakers not only bring in additional revenue; they can create a bit of consistency in the product management mix. If we were to think in terms as a record label representative our end goal would be is to discover a promising rising star and figure out as many revenue streams, we can bring in to assist in our investment of this new artist. Aside from the revenue streams we need to find a way to create a relationship between the artist and the consumer or “super fan” that proves relatable and organic rather than forced and fake. A consumer can listen to the song of their favorite artist on their phone but playing the same song on a pair of JBL, Boss, or other pair of speakers can not only enhance the consumer experience but can encourage the consumer to buy into other products or attachments the artist has on their website.
Smart speakers could prove to be an untapped market and when sharing music to super fans, family, and friends, can entice and better the overall experience. According to Saran (2018), he claims, “while at home people will ask the device to play music, control smart home devices, and ask about the weather.” By encouraging consumers to stream music onto their smart speakers, can result with the consumer playlisting more music, buying more merchandise, and purchasing tickets to the artist’s show. Smart speakers can prove to be an effective sales tool and a voice for digital technology applications.
References
Saran, C. (2018). Smart Speakers: How to Give Apps a Voice. Computer Weekly, 17–20. Retrieved from http://search.ebscohost.com.oclc.fullsail.edu:81/login.aspx?direct=true&db=bth&AN=128113345&site=ehost-live
https://www.nielsen.com/us/en/insights/news/2019/total-album-equivalent-consumption-in-the-us-increased-23-percent-in-2018.html
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