The Consumption and Perceived Value of Music in the Digital Age : Adolescents and Young Adults as Music Consumers

The music industry is a big business worldwide but the recording industry is facing major challenges and changes due to digitalization. Technology developments have altered the way music is distributed and made it possible for consumers to behave differently. The aim of this research is to study the behavior of adolescent and young adult music consumers between the ages 14-22. The main research question is related to the perceived value of music; how do young music consumers value music especially in terms of monetary value. The emphasis is on the music recordings as the recording industry is the industry sector most challenged by the digital developments. The research was conducted in the summer-fall of 2015, altogether 23 people were interviewed. Additional 39 people between ages 16-22 participated in online questionnaire with open-ended questions. The results show that young people consume music on a daily basis and consider it very important to their lives. The main reasons for music consumption are psychological such as mood regulation and selfexpession. Despite the importance of music, the supply of free alternatives has made music an item that has very limited perceived monetary value. Technology development leads the way for music consumption; this research reflects the consumption and attitudes at the time of the research