The Experience Economy The Value Shift In Media Assets
The 20,000 Foot View: With content now a more difficult proposition in itself to sell directly, the overall experience becomes, for many, their central core monetisable proposition. We have already seen this development in the online world which is characterised by the transition from sales to consumption. Streaming services such as Spotify, Apple Music and Netflix have garnered significant audience share from traditional media formats (Pay-TV, CDs, etc.) as they are less about selling the music itself and more about facilitating the overall experience of content discovery. Such is the extent of this new development that emerging areas of expertise such as Experience Design, an amalgamation of UX, data science and creative direction are increasingly in demand for businesses eager to understand this shift in spending patterns. Examining this development requires a consideration of the distinctions in engagement cohorts. This is the experience economy.
- Weighted Average of total Messaging App penetration is value chain exists in four key areas (extraction, creation, distribution, experience) with market dynamics shifting expenditure to the final stage - the consumer experience
- Total weekly Snapchat penetration is while Instagram penetration is of consumers, going out and having fun is their primary association with music, inferring a distinction between the social value and the personal value of music of women attend big concerts (large venues) weekly as opposed to of of women attend big concerts monthly compared to of men
- Recorded music’s share of the global music business fell from to between reflecting the growing value of the experience-led live format
Companies and brands mentioned in this report: Access Industries, Apple, Disney, Facebook, Harvard Business Review, Instagram, Liberty Media, Lucas Film, Marvel Studios, Netflix, Snapchat, Spotify, WeChat, YouTube