First published on www.nielsen.com
Rihanna, Bruno Mars, Drake, Selena Gomez, Janelle Monáe—many of the artists on the charts today are young and multicultural, just like their fans.
Millennials are more racially and ethnically diverse than any previous generation in the U.S.—40 percent identify as African-American, Asian-American or Hispanic. This young and diverse generation makes up 24 percent of the country’s overall population (the same as Baby Boomers), and their spending power is growing. That’s good news for industries they favor, like music. Multicultural consumers spend, on average, $7 more on music than the total market, accounting for 31 percent of total spending on music.
So who are these Millennial Multicultural music listeners?