78% Of Millennials Would Rather Spend Money On Experiences Than Things

millenials

According to a new survey conducted by Harris Poll on behalf of online ticket company, Eventbrite, Millenials would rather spend money on experiences than things.

Millenials are not their parents. They don’t care about flaunting wealth. Fancy cars aren’t as important as reliable ones. Or even having one at all. Millenials live for the moment.

Because of the Great Recession of 2008 and the subsequent Occupy Wall Street movement of 2011, Millenials aren’t gravitating towards professions focused around greed.Β  Unlike their parents, they understand that nothing is for certain. There’s no such thing as a secure job anymore. Facebook and Twitter have brought a worldwide interconnectedness that was never truly felt or understood by generations past. Millenials care more about humanity than personal wealth.

Consequently, Millenials want to spend their money being with others. 69% of respondents said they believe attending live experiences helps them connect better with their friends, their community and people around the world.

82% of the participants in the survey indicated they had attended a live event in the past year and 72% said they’d like to increase their spending on experiences in the coming year.

Sure, some of this desire stems from FOMO (Fear Of Missing Out). Seeing their friends’ Instagram and Facebook photos from concerts fuels the desire to attend post-worthy events in the future. What used to be “talked about” is now “posted about.”

One of the reasons EDM has dominated the festival circuit over the past few years is because of the party. The costumes. The makeup. The experience. The photos. It’s not about the music, but the scene. It matters more if you were there and have the Instagram photos to prove it than if you have the artists in your iTunes library.

EDM will fade, but the festival experience will not. There are more festivals now more than ever. New ones pop up so frequently that it’s nearly impossible to keep track. JamBase lists that there are 138 upcoming music festivals worldwide just in the coming 6 months – in the “off season.”

eventbrite_graph3

Connectivity and Experience driven startup, BandPage, has focused their business model around helping artists monetize exclusive experiences for their fans. They’re onto something. If Millenials are willing to spend their money on experiences, then why not give artists the ability to control more of those transactions? More money in the artists pocket.

+Why BandPage Is Going To Be The Most Powerful Player In Music

While Millenials don’t believe digital music needs to be paid for, they are happy to pay for concerts and other artist-fan experiences. And they are interested in supporting their favorite artists in ways that make sense to them. Uncovering these alternative monetization opportunities is the key to rebuilding, reinventing and rebranding the music industry.

+Fans Aren’t Going To Pay For Music Anymore. And That’s Ok.

Photo is by Eva Rinaldi from Flickr and used with the Creative Commons license

Ari Herstand is a Los Angeles based singer/songwriter and the creator of the music biz advice blog, Ari’s Take. Follow him on Twitter: @aristake

24 Responses

    • heard it before kids...

      every generation pretty much says the same sh*t when they are young… and then reality hits… marriages, kids, mortgages, bills, you know… life after college responsibilities… it’s been the same blah, blah, blah since the 60s with every new generation believing they’ll be the ones who are really peter pan… good luck with that…

      Reply
        • hippydog

          Quote “2) Stop thinking that you’re special. The fact is, right now, you’re not special. You’re another completely inexperienced young person who doesn’t have all that much to offer yet. You can become special by working really hard for a long time.”

          that article is HORRIBLE!

          i’m an old guy, and pretty much now believe that 3/4 of the opinion piece is correct..
          but still..
          horrible..

          “hey everyone, give up your dreams and fantasies cause reality is so harsh you should just slit your throat now..” WTF!
          no!

          The whole “if you work really hard everything will be fine” has ALSO been shown to be falsehood..
          ya, go work on the factory floor, working at a job that you absolutely hate, and if you keep your nose to the grindstone and spend ALL YOUR MONEY ON SHINEY THINGS you might be happy when you retire..

          EQUALLY BS as the unicorn thing..

          just sayin

          Reply
      • Willis

        They also say it when they are older, so it must be legit. Too much shit is bad. Things weigh you down and make you value things over actual life.

        Reply
  1. Anonymous

    Millenials live for the moment.

    Because they know they’ve got no fucking future so may as well enjoy the present as much as possible…

    The truth of what we are birthed into is slowly coming out of the smoke and becoming more and more widespread and better understood.

    Fuck it, fuck girls smoke weed do as little as possible, then when the baby boomers bite the bullet and kick the can and retire from their precious title and parking space, their choices of replacements will be slim to none and hopefully we will all still just be having a good time and their fucking wheel or family will perish a slow aganizing death, cause i know i wont slave like an obedient diligent robot for some militant slave driving assholes all to make small money and benefit their world, country, city, corporation, family, legacy, dynasty…

    It aint that the millenis are not greedy or dont like cars and this and that, its that they are armed with information early in their life that no one before them got so their mindset and beliefs are different.

    Dont confuse them all with the Hipsters, the modern age trying to be cool hippie people willing to work for free cause they are so cool or whatever, idk, not a hipster do not understand hipsters… Hipsters are frauds if you ask me, trying to emulate the hippies in some chic modern way….

    Uncovering these alternative monetization opportunities is the key to rebuilding, reinventing and rebranding the music industry.

    Who gives a damn about the music industry…. I care about the music and then if possible making the most amount of money i can from my copyrights, whether that has anything to do with the music industry or not doesnt mean much to me…. The music industry is a festering shithole for the most part and one most people would be wise to avoid like the plague. If some industry wants that to be done to it, it needs to pay for the work, funny then that its still trying to grease money everywhere for poor service, archaic and antiquated mechanisms and wheels and overall mostly a rape job on those that actually make the music by those that wanna be josie and the pussycats cool and shit….

    Anyways, people wanna have fun for the most part i guess and these days for some reason want to know everything about someone and have some kind of friendship with supposed stars or whatever, i dont get it myself, but none the less, it actually makes the music less important. So talking music industry, well you are better off being a shcmoozing, netwroking, mingling, yes sir no sir how high sir type person, while also worry more about interacting with i guess theyre called fans and being extroverted… If you can get other people to make the music claim it as your own and just pump a fist in the air and turn a dial, then you will be a ballin millionair in the music industry.

    If you focus on making great music, you will certainly be fucked right over as what the music industry does is come around and steal everything and shut you down….

    Anyways whatever, is what it is…

    πŸ™‚

    Reply
    • Anonymous

      So to any rich kids or Daddies at Lables with a kid that wants to be famous or whatever, i got a few different brands built up here and would certainly be willing to sell one of them for sure.

      They can then have it part of their show, their posse, army, circle, gang, whatever you wanna call it, so they wont have to worry about censorship and then they can know they are tossing money at their own family and legacy instead of an outsider… We dont even necessarily need credit as the industry and other people will know anyways so would likely result in some further business anyways, so they can claim it as their own and perhaps a beautiful relationship could be built or at least started. They get their legacy shit and we get money etc. works for me as im just a lowly solo slave with no family ties or anything, so i cant grace such levels, but i got shit that should and they got the money and people to do it, slot it in and keep the wheel spinning.

      Its big stuff, 4 albums and one is a double. the .com, name, logos, image, errything essentially!!! And its not public much at all, so thats perfect!!! It could be really huge. We cant get it going ourselves due to lack of budgets and the cost of living etc. that forces us to work normal slavery day jobs, but a rich kid or daddy label bucks could buy it from me, since i own it fully, give us our writing %’s, and do their damn thing with it.

      This would allow us to hopefully then spend our time making more amazing stuff that maybe someone else could buy and satiate the party people with.

      We can perform like top dogs, we just dont do that whole interact with fans and arent really extroverted look at us type people and the whole one on one thing all the time isnt so much us. We are better back in the war room or the lab doing our mad scientist type stuff. Let the fame whores and music family benefit from what weve done and at the same time then people could hear the music, which they deserve to. But since we arent family or in that show or whatever we get censored the whole way unfortunately.

      Im not certain im willing to sell my other artist/brand off yet, but i do have a start on a more dj/electronic/edm type artist as well but am only one album deep on that, but something smaller could be worked out there..,

      Im just trying to think outside the box to find ways to get this music in front of people that somehow compensates me in a reasonably fair way and isnt some Jesus free nailed up martyr type thing.

      πŸ™‚

      Reply
      • Anonymous

        http://www.jimmycurrent.com/ – for those at all interested. I own it all so we can open the negotiating at any time…

        Sorry in advance for the slow load, it doesnt always happen, got a few things to clean up in the code, just havent had the time to get around to it yet.

        πŸ™‚

        Reply
  2. steveh

    live shows, live events. festivals etc = Great!!!!

    “exclusive” “experiences” & paid meet and greets etc = total utter complete degrading corrupt bullshit!!

    Reply
  3. D'Man

    Hmm… this must be for the later Millenials. The first borns are in their 30’s and are spending their time raising their kids, NOT going to EDM parties. This article need to pin point specific age group… because being born in 1980 is not the same as being born in 1990.

    Reply
    • GGG

      I believe early 80s people are considered Gen Xers.

      It’s obviously ambiguous, but I think 1985 is probably a good place to cut off gen x and gen y. I was born in 1986 and my bro was born in 1982. The differences that we grew up with in that short time are monumental. Biggest example I can think of, my brother didn’t have a cell phone until his freshman or maybe even sophomore year in college. I got one when I was 16 and could drive.

      Reply
  4. random

    There is hope people…..music keeps the world going .. I do not know of anything else that is able to to get people’s blood rushing ( apart from the opposite sex and drugs, although drugs do rely on music heavily )… on such a communal level.. jesus managed it once.. and although the farce created to support jesus ( the bible – music equivalent – streaming services..) has and is crumbling, the long lasting effects ( legal status of women – morality – family ideals etc – UNDERGROUND MUSIC ) have stayed with us and will forever mould us as a civilization.

    just see how much is consumed … its not going anywhere… the industry might be fucking everyone over but MUSIC IS GOING NO WHERE..!!

    so if you have faith and believe that music is a force to be reckoned with.. stay true..the money wants to make money.. yes the digital revolution has changed the way things are done… as STATED in this article

    ” people dont care about the music but the scene the parties the pictures.. ”

    complete bulshit .. but when the figures end up in the red too much.. then its time to go back to what used to work…

    please remember micheal jackson.. a black guy born into a racist society.. it was music that opened peoples eyes.. they would walk down the street and look down at black folk and then scream and cry to micheal jackson..???? they bought his music… hypocrites .. yes… but still you think the zions.. people at the top want to promote black people..? still today politicians from Europe have been quoted as incredibly racist..

    Just goes to to show… the power of good music.. It takes millions of pounds to divide countries.. and one artist and a few songs can start to break down all of this ( e.g bob )

    we are simply overly unfortunate the digital revolution came with a recession..

    Maybe I am just an idiot ….. ?

    Reply
    • Anonymous

      Music is awesome, the music business sucks donkey dick…

      Or maybe its just cause i got the old rape job and am still being constantly stolen from and used as a pinata and a skittle tree, maybe thats why i think it sucks, maybe cause how ive been treated since day one in that industry, no respect, no help, nothing but shit and piss and shit from the top the middle the bottom the left the right, what else was i supposed to conclude other then i am enemy #1?????

      idk

      Reply
  5. JAIO

    30-somethings are not going to EDM shows???? It is true that the bell curve demographically for EDM events are white-males 18-24 (Nielsen @ EDMBiz Conference), but you would expect that college age kids would be most about this type of hyped up post-rave event. But to suggest that 25-34s don’t also attend is simply not factual.

    The highest paid DJs in 2013
    1. Calvin Harris – $66 Million – age 30
    2. David Guetta – $30 Million – age 47
    3. (TIE) Avicii – $28 Million – age 25
    3. (TIE) Tiesto – $28 Million – age 45
    5. Steve Aoki – $23 Million – age 36
    6. Afrojack – $22 Million – age 27
    7. Zedd – $21 Million – age 25
    8. Kaskade – $17 Million – age 43
    9. Skrillex – $16.5 Million – age 26
    10. Deadmau5 – $16 Million – age 33

    Reply
    • D'Man

      30 somethings may still go to EDM shows, but probably close to the 1%. Full time jobs, full time babies, etc… you don’t have much time to party like you used to.

      Reply
    • Johnny Bashful

      Absolutely!

      I’m down for cutting each and every middle man right out of the picture, they can go fuck themselves essentially, cause theyve certainly had their fare share of fucking me!!! … When i stack enough paper ill make sure to invest in their business or buy some shares as their model of duping and screwing creators works pretty well…

      I need money to buy the bar out and to pay some people like security and FOH sound person and merch table hottie etc. etc. But i certainly dont need a bunch of greedy non music snakes greasing percentages everywhere for services i dont really even need at all…

      If rather hire a coder or two to whip me up the software or program i need…

      All i care about is leverage my rights for as much money as possible, depending on the deal of course, it aint all about the money, but im certainly not working a millsecond for free for someone elses benefit, a benefit they never seem to share with me as i reside in a monetary jurisdiction, or 4 actually, which constantly wants money out of me and where the cost of living continually goes up and up and up and guess what, wages never seem to follow…

      The majority of people are living hand to mouth and on zero or else strapped so deep in debt that what things like Apple did works well for my belief system, morals and value. Id rather make money like that and give everything away for free then always trying to fucking rape people who dont have money for even more money.

      Heck if i could put on free shows and give free music away and just set it up so we ream data and leverage that for money and do all these other things, id much prefer that, that would be awesome!!!

      Of course that wont happen for me and what will happen is they will start doing it for other aritsts etc. etc. and ill be left lonely and broke to continually be martyred by that stinky industry…

      Anyways, may have started rambling a bit there…

      – Johnny Bashful

      Reply
  6. Versus

    “While Millenials don’t believe digital music needs to be paid for…”

    How convenient. We should all just do what we “believe”, regardless of the law or effects on others.

    In that case, I don’t believe Millenials need to paid for their jobs.

    Reply

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