Editor’s note: This is the fifth installment of Beats, Bytes and Brands, a monthly column on the newest trends and activations converging across the music industry and brand marketing.
The second quarter of 2022 was defined by uncertainties hitting the economy from all angles, resulting in nearly three-fourths of consumers to be concerned about a recession. Marketers, however, remain bullish. Deloitte’s latest CMO report found marketing budgets, as a percentage of overall budgets, have risen to 11.8%.
Challenged to reevaluate their budgets, it’s clear brands see music as a core component of their near-term marketing strategies. As Goldman Sachs’ Music in the Air report points out, consumers see music as a haven during uncertain times, giving brands an opportunity to create a sense of escapism and community.
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