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Millennials are more than an age group. They are completely unique in the ways they think, behave and live. Their constant connectivity and the way they consume media has forever changed the face of media & opened the flood gates of the streaming economy.

As the world’s largest music streaming service, Spotify has over 75 million listeners tuning in for over 2 hours every day. Last week, Jeff Rossi, Global Head of Business Marketing for Spotify, presented the international keynote ‘Why marketers have millennials all wrong’ at Australia’s Biggest media and marketing event Mumbrella 360.

Welcome to the streaming economy

Jeff Rossi, Global Head of Business Marketing, Spotify

 

Rossi explored the data sets that need to be uncovered in order to market to the streaming economy. For Spotify data from music can inform moods, mindsets and tribes better than any other media. It doesn’t have a demographic, gender or location bias.

Millennials have changed how content is consumed

The are 15x more data points in music than any other media sources; and millennials unlock a whole new data set that marketers need to start thinking about. 

They have access to so many things but don’t actually own any of it:

  • AirBnB – access to the best accommodation available
  • Uber – access to travel at the click of a button
  • Netflix – on demand access to the newest video content
  • Spotify – on demand access to music

We are living in a streaming economy, and as brands & marketers we need to learn how to play the game.

Streaming takes the analogue out of business

People are sound tracking their lives, and consuming media in all aspects of it. And with millennials at the forefront of the streaming economy they are creating more data than any generation before them.

There are more streaming services than ever before, and brands who tap into these new opportunities are going to be the winners. Start doing things differently because the opportunities are there to take advantage of.

In the case of Spotify, they delivers a quality audience to their brand partners. Quality through attention, because a paying audience is a more engaged audience.

People don’t listen by genre anymore. The content is one data point but CONTEXT is a far more important data list. Exhausting the streaming services that give you the reach, then build plans differently

Human behaviour is the best proxy for human behaviour. Cookies aren’t people, people are people.

The opportunity is really there. And a more exciting tool kit than we’ve seen in years is at our disposal.

As far as we have come… there is so much further to go.

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