Bob Baker: Giving Music Consumers These 3 Choices Leads to More Revenue
Well, Scott Cohen may have an answer. He manages a band called the Raveonettes and is the co-founder and international VP of The Orchard. Cohen just wrote an op-ed piece that appears on the Billboard web site. In it he reveals some interesting numbers from music sales data he's been able to crunch.
Here are the figures I found most interesting:
When Raveonettes fans were given a choice between purchasing a full-length digital album for $7.99 and buying a single track for 99 cents, they chose the single track 75% of the time.
So the Raveonettes decided to try something different.
They released three digital-only EPs of new material and sent their fans a new offer. And the results were surprising. When given the choice between a $3.99 EP and a single 99-cent track, more than half bought the higher-priced EP.
So here's a possible list of three choices to offer your fans with your next album:
- The physical CD – Let's say it features 15 songs and cool liner notes on the insert. Price: $15 – or more if you combine it with a DVD or some other type of upgraded packaging.
- Three digital-only EPs that feature five tracks each. Price: $3.99 each. Take all 15 songs from the album and break them into five groups of complimentary tracks.
- Digital download singles – Every track is also available for 99 cents each.
What do you think? Leave your thoughts in the Comments below.