eMusic has found that people will pay money for something like 3,000,000 tracks outside the Top 40. This is maybe 30,000 artists outside the mainstream that have a paying audience. That is a long tail indeed.
This goes against the wisdom of the marketers in the old music industry who know what Al Ries woulds tell us, that you can only keep the names of a couple top artists or brands in your mind. It is not that Al Ries is wrong, its that what people want is not just "music" or "jewelry". People want things like "late 80's Punk with melodic guitar" or "big earrings with fire opals and feathers". Consumers' tastes can be very specific.
We allow ourselves to want the most specific objects of our desire as finding them becomes easier, and we are especially compelled to buy them.
Of course being consumers, you and I, we knew this all along; the question has been whether business could accommodate our tastes. The Internet makes it possible and this is fertile ground ripe for small businesses to develop.
Ever been hungry? Do you make your dining decisions in your home town based on some else's list? Anyone had this conversation?
I am hungry
– There are leftovers in the fridge
Lets go out
– OK, how about Italian food?
No noodles. Maybe Chinese food
– We could pick up some Golden Flower on 1st street
Their food is a little greasy. Maybe Thai
– We've liked the Thai Garden
They have that soup I like, but it is not spicy enough
– We could order it extra hot
But its got chicken in it, and my new years resolution was to eat vegetarian
– We can ask them to make it without meat
OK, lets go
There is money to be made connecting the individual consumer to those things they most specifically desire. This may not be a billion dollar opportunity in many cases, but it is a very real opportunity where people will happily part with their cash.
Postscript note:
eMusic is a monthly subscription service for MP3 downloads. If you're interested in learning about them, check out this
Review of eMusic .
