The impact of COVID-19 on music consumption and music spending.
COVID-19 induced restrictions ordered by governments around the world have been an exogenous shock to the music industry, which we divide into two affected groups: 1) live music events and 2) recorded music. While the impact on live music events is rather obvious, it is unclear how the current pande...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Public Library of Science (PLoS)
2022-01-01
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| Series: | PLoS ONE |
| Online Access: | https://doi.org/10.1371/journal.pone.0267640 |
| _version_ | 1811238368718094336 |
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| author | Janis Denk Alexa Burmester Michael Kandziora Michel Clement |
| author_facet | Janis Denk Alexa Burmester Michael Kandziora Michel Clement |
| author_sort | Janis Denk |
| collection | DOAJ |
| description | COVID-19 induced restrictions ordered by governments around the world have been an exogenous shock to the music industry, which we divide into two affected groups: 1) live music events and 2) recorded music. While the impact on live music events is rather obvious, it is unclear how the current pandemic is affecting the recorded music market. Hence, we study consumers' pre- and post-pandemic shifts in consumer spending (in euros) and music consumption (in hours) across live music events, as well as the digital and physical submarkets of recorded music, in the world's fourth largest music market, Germany. Relying on an online bi-annual panel capturing five waves between winter 2018/19 and winter 2020/21, we find that the COVID-19 pandemic is accelerating the continuous trend towards digitalization of the music landscape with premium streaming being the biggest beneficiary. However, total monthly consumer spending on music decreased by more than 45% compared to pre-pandemic, with live music events and physical sales being the most severely affected. Surprisingly, music consumption in hours also decreased during the lockdown even though consumers spent more time at home. |
| first_indexed | 2024-04-12T12:40:35Z |
| format | Article |
| id | doaj.art-7b18e342baba44098cb73a1288393a66 |
| institution | Directory Open Access Journal |
| issn | 1932-6203 |
| language | English |
| last_indexed | 2024-04-12T12:40:35Z |
| publishDate | 2022-01-01 |
| publisher | Public Library of Science (PLoS) |
| record_format | Article |
| series | PLoS ONE |
| spelling | doaj.art-7b18e342baba44098cb73a1288393a662022-12-22T03:32:47ZengPublic Library of Science (PLoS)PLoS ONE1932-62032022-01-01175e026764010.1371/journal.pone.0267640The impact of COVID-19 on music consumption and music spending.Janis DenkAlexa BurmesterMichael KandzioraMichel ClementCOVID-19 induced restrictions ordered by governments around the world have been an exogenous shock to the music industry, which we divide into two affected groups: 1) live music events and 2) recorded music. While the impact on live music events is rather obvious, it is unclear how the current pandemic is affecting the recorded music market. Hence, we study consumers' pre- and post-pandemic shifts in consumer spending (in euros) and music consumption (in hours) across live music events, as well as the digital and physical submarkets of recorded music, in the world's fourth largest music market, Germany. Relying on an online bi-annual panel capturing five waves between winter 2018/19 and winter 2020/21, we find that the COVID-19 pandemic is accelerating the continuous trend towards digitalization of the music landscape with premium streaming being the biggest beneficiary. However, total monthly consumer spending on music decreased by more than 45% compared to pre-pandemic, with live music events and physical sales being the most severely affected. Surprisingly, music consumption in hours also decreased during the lockdown even though consumers spent more time at home.https://doi.org/10.1371/journal.pone.0267640 |
| spellingShingle | Janis Denk Alexa Burmester Michael Kandziora Michel Clement The impact of COVID-19 on music consumption and music spending. PLoS ONE |
| title | The impact of COVID-19 on music consumption and music spending. |
| title_full | The impact of COVID-19 on music consumption and music spending. |
| title_fullStr | The impact of COVID-19 on music consumption and music spending. |
| title_full_unstemmed | The impact of COVID-19 on music consumption and music spending. |
| title_short | The impact of COVID-19 on music consumption and music spending. |
| title_sort | impact of covid 19 on music consumption and music spending |
| url | https://doi.org/10.1371/journal.pone.0267640 |
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