48% of Gen Z and Millennials are interested in Artificial Intelligence (AI) recommendations for music/podcasts. However, demonstrating how these features enable continuous interaction and allowing listeners to actively engage in the process will appeal to a broader audience, one that may be sceptical of these tools and prefer to discover music and curate playlists on their own.
Consumer confidence is recovering but remains fragile. While 29% of consumers plan to cut back on socialising and entertainment, the music industry still experienced growth, fuelled by music streaming services. However, rising subscription costs, a focus on saving and a growing number of ad-supported options could cause consumers to rethink their spending, possibly slowing the growth of paid streaming services.
70% of Gen Z and 69% of Millennials trust the information presented in podcasts, and 68% of Gen Z and 67% of Millennials explored topics more in-depth elsewhere after listening to podcasts. Brands can leverage the podcast engagement of Gen Z and Millennials to promote products, where establishing trust and persuasion are crucial.
The music industry continues to grow steadily, while the increasing popularity of podcasts offers opportunities to target highly engaged audiences.
Venkatesh Modi, Research Analyst, Germany
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