The future of music industry will rely on mobile phone and 3G technology will be a great enabler for it.
The mobile phone is set to become the retail channel of the future for music fans according to a report published by 3.
The report investigates how young people are using new technology to revolutionise the way they access and listen to music and reveals some startling results for the music industry:
- Music purchased on mobile is the fastest growing music format – up 100% on 2005
- Mobile could overtake computer based music purchases within 5 years
- Six out of ten under 24 year olds have purchased music via a mobile
- Downtime’ is becoming the newcommerce space for music retailing
- Two thirds say they buy on public transport, and half say they’re interested in buying new tracks on the way home from a club
- Paying for music via mobile bill preferred to cash or credit cards by 50% of under 21s
- CD will die out within five years say 60% of under 24s
- Downloading has environmental benefits according to 85% under 24s.
Music sales on mobile are booming, up 100% on 2005. 3 is the UK’s biggest mobile music retailer with 75% of the market, its 3.75 million UK customers now buy over one million audio tracks and music videos per month, with audio sales accounting for one in ten of all chart singles bought in the UK. In fact if mobile sales continue to grow at the same pace they could rival – and potentially overtake – computer based downloads in just five years.
Mobile has also driven the resurgence of the music video – 3 customers have watched over 20 million music videos since 3 launched the service in 2004 – prompting calls for sales to be chart eligible (at present, download sales of audio tracks, but not videos, are counted towards the charts).