Rihanna, Bruno Mars, Drake, Selena Gomez, Janelle Monáe—many of the artists on the charts today are young and multicultural – just like their fans.
Millennials are more racially and ethnically diverse than any previous generation in the U.S.—40% identify as African-American, Asian American or Hispanic. This young and diverse generation makes up 24 % of the country’s overall population (the same as Baby Boomers), and their spending power is growing. That’s good news for industries they favor, like music. Multicultural consumers spend, on average, $7 more on music than the total market, accounting for 31 %of total spending on music.
So who are these Millennial Multicultural music listeners?
According to the recent report Listen Up: Music & the Multicultural Consumer, Multicultural consumers are more likely to attend live concerts and music festivals, spending $50 on live music annually, compared with $48 for non-Hispanic white consumers. Multicultural consumers also prefer customizing playlists on streaming services more than the total population. And they share what they find on social media: 48%”like” Facebook posts from musical artists and bands (vs. 42% for the total population), and 43% shared music through Facebook, Twitter, email or other digital mediums (vs. 37%).
Learn more by visiting www.nielsen.com/africanamericans and download Listen Up: Music & the Multicultural Consumer Report in the Consumer Corner section.