There’s good news for those looking to cash in on the online music scene. According to a recent KPMG study, 61% of Australians are prepared to pay for music online.
This is compared with 45% for video, movies and TV; 52% for games; and 21% for business news and books.
The findings were revealed just a week after the much-loved software program Limewire was shut down.
The US-based Limewire was launched in 2000 and uses peer-to-peer technology to let users share music and other files over the internet.
Just last week, a court injunction was issued requiring Limewire to cease all operations.
So if you’re thinking of creating an online music service, don’t be put off by other sites doing it for free. The Limewire example serves as a timely reminder of what can happen when you try to beat the system.
Play by the rules and introduce a specialist service so outstanding that customers will happily pay for it.
Users could submit details of their music preferences and receive suggestions – based on this information – in return for a small fee.
The service could be used to create playlists for weddings, school reunions and other events requiring specific music of a certain mood or era.