Hundreds of moviegoers line up outside multiplexes and cinema theatres on a Thursday to catch the latest release. Now you may very well see hundreds of audiophiles and music lovers queue up outside music stores on any given Friday. All music albums, much like new movies, are set to have the last working day of the week as the global release date.
The piece of news comes fresh from the International Federation of the Phonographic Industry (IFPI) with a formal statement which was released on Thursday, 26th February. The content of the statement makes for an interesting read. The music industry believes that the weekend offers a perfect consumer-friendly environment that can drive sales of a new album and drive profits for the industry on the whole.
There are statistics to back this belief: Retail stores witness the highest percentage of footfalls on Fridays. Online sales are the highest on the weekend as well with a major population of internet users indulging in spontaneous purchasing. Add to this the high levels of activity on social media sites and you have the perfect recipe for amplified word-of-mouth that will ride pillion on skyrocketing sales.
According to Frances Moore, CEO of IFPI, “The artist organisations and many retailers and record companies internationally support Friday, and this is backed by consumer research in many countries… No one has seriously questioned the concept, the only debate has been about the day.”
The move is also viewed as a deterrent against piracy. A standard release day will reduce the instances of new music leaking online before its release in the United States and the United Kingdom.
With all the powers to be backing Friday as the release day, come summer, you can buy new releases of your favourite artist online or in store on the weekend. Which just got that much better.