Yesterday Alan Juristovski, Co-Founder and CEO of Vancouver's MetroLyrics, wrote a guest post for the Huffington Post yesterday that rattled off some pretty impressive stats regarding the Internet and the music industry.
- A staggering 70% of all searches for music on the Internet are related to lyrics.
- HALF of all Internet users visit at least one music site in any given month.
Juristovski should know. MetroLyrics reportedly makes $10 Million per year legally on lyrics and he isn't shy about it.
How do I know? I'm a supplier. The lyric pusher if you will. Every month, more than 40 million unique users visit our site metrolyrics.com to get the most up to date, accurate, and legal lyrics to hundreds of thousands of songs by artists from every genre of music.
The music industry is waking up to the fact that lyrics are -- and will continue to be -- big business, if we can continue to provide an easy, effective and legal product for the user.
Lyrics are a potential new revenue stream for an industry looking to monetize their product in as many ways as possible -- ringtones, ring tunes, concert tickets and merchandise stakes, etc. I don't claim to be an expert in applied economics, but I can safely say I'm sure any business would like 40 million monthly customers.
The music industry can't ignore numbers like MetroLyrics and it's only a matter of time before someone steps up and acquires MetroLyrics and puts another feather in Vancouver's startup cap.
Photo credit: Canada Talent