Music Spending Habits of the UK Youth

It’s no secret that the record industry is in trouble: Businesses selling, layoffs and Virgin Megastore Closing just to name a few. File sharing is the way kids get their music these days. Ars Technia posted a story about this study done by the University of Hartfordshire. It found that 14 to 24 year olds are willing to pay for their music, but on certain terms. The survey found that 37% of 14 to 17 year olds have payed for 39% of music on their iPods, while 50% of 18 ‘ 24 year olds payed for 50% of the music on their iPods. The survey also found that when budgeting for music, the majority of those surveyed budgeted 60% of their music money for live music, while only 40% was left for recordings. On the upside, the study found that 80% of P2P users said they wouldn’t mind paying for a legal file sharing service, as long as they pay a single monthly fee for unlimited amounts of music. This study demonstrated that the next generation of music buyers will spend money on music and still have the same passion, they just have a certain way they want to pay for it.