First published on www.usatoday.com
The monochromatic music shopper is going the way of the mono LP.
Multicultural consumers — blacks, Hispanics and Asian-Americans — make up the new mainstream determining music’s trends, impact and earnings, according to a Nielsen report out Tuesday.
“Listen Up: Music and the Multicultural Consumer” analyzes spending habits, preferences and means of access in that rapidly growing U.S. demographic.
Since 1990, the slice of the U.S. population that identifies itself as black, Asian-American or Hispanic has jumped to 37% from 24%. Among millennials (18-34), 40% are multicultural. By 2043, the poly-ethnic segment is expected to be the majority. For those under 18, the shift will take place in four years.
“Modern music is being shaped by confident multicultural consumers,” says Mónica Gil, Nielsen’s senior vice president/multicultural growth and strategy. “These are trailblazers and they know it. As the country faces a demographic shift, this population is poised to influence the growth of music companies.”