This week, MMW was privy to an exclusive first look at a new white-paper from Pandora that explores the importance of brands bringing experiences to consumers.
The core message of the report? Millennials love brands that deliver experiences, not things (67% of Millennials would rather spend their money on ‘experiences’ than ‘things’).
Additionally, according to the in-depth report from the streaming music industry’s most respected brand, music now tops the chart for most desired experiences.
What else does the report reveal?
- Fear of Missing Out (FOMO) is real! What motivates Gen Y to attend music events? 49% said it was because their friends are going.
- 82% say they noticed a brand sponsoring a music event. That is a 12% increase from when we asked the same question last year. And 1 in 3 have a more positive opinion of that brand after the event.
- More than 1 in 3 Millennials are more likely to actually purchase the brand’s product after seeing it at an event. Even though experiences trump things, experiences can help lead to purchasing things.
So how exactly does Pandora know all of this? As it turns out, Pandora has more than 80 million MAU. Those 80+ million active, logged-in listeners act like human beacons, generating over 1 billion data points every day.
Want to know more? Check out the fascinating report here.
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