A recent TikTok-commissioned study by entertainment analytics firm Luminate shed light on the app’s significant impact on the music industry.
The report highlighted TikTok users were more engaged with music compared to the average listener, demonstrating behaviors that benefit artists, labels and streamers, Business Insider reported.
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Key findings indicated TikTok users were more inclined to attend live music events, with percentages surpassing the average music listener.
In the U.K., 45% of TikTok users attended live events, compared to 35% of general music listeners, while in the U.S., 38% of TikTok users attended live events compared to 33% overall.
The report emphasized ByteDance‘s TikTok’s role in boosting revenue for music industry stakeholders, showcasing how user engagement correlates with increased streaming volumes.
Notably, TikTok users exhibited a higher willingness to pay for music-related services, with 62% in the U.S. subscribing to music streaming services compared to 43% of general consumers.
Additionally, 45% of U.S. TikTok users purchased artist merchandise, surpassing the 35% of general listeners.
This data holds promise for TikTok’s expansion into new markets such as Australia, Singapore and Mexico, especially as the platform introduces features facilitating the connection between TikTok-discovered songs and external streaming apps like Spotify and Amazon Music.
The study’s timing coincides with TikTok’s preparation for its inaugural global in-person music event, “TikTok in the Mix,” featuring headliners such as Cardi B and Charlie Puth.
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Photo: DANIEL CONSTANTE on Shutterstock.
Image and article originally from www.benzinga.com. Read the original article here.