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Business News (more headlines)

04-13-2005

Consumers' Willingness To Pay For Music Downloads Grows

While Peer-2-Peer and piracy issues have not entirely disappeared, consumers are showing heightened awareness and interest in legitimate online music services, reports In-Stat. The worldwide online music market is expected to grow 134% this year, reaching $1 billion for the first time. With increased competition between sites this year, differentiation will be a key strategy. Sites are building larger catalogs and working with labels to offer new types of digital content, such as live concerts and remixes. In addition, branding and customer loyalty will be a primary focus.

A recent report by In-Stat, included a consumer survey and found the following:

* Over half of the survey respondents who have downloaded music from the Internet admitted to not paying for it.

* The average amount spent in the past year for online music was $25.

* 35% of the respondents are owners of an MP3 player, with 70% saying it was their first one.

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