Moneysupermarket Reveals Monetary Misery Caused By Lost MP3 Collections

From artists ranging from Girls Aloud to Green Day, it appears that people across the country are ditching browsing for CDs and vinyl records in music shops and are instead getting singles and albums from the internet.

Such is the assertion of moneysupermarket, where in a recently released report it was revealed that just under two-thirds (62 per cent) of Britons currently download music. Such a habit seems to be particularly keen among young people, as those consumers in their 20s are said to own an average of 1,657 songs on their music library. On the other hand, those over the age of 50 keep a typical 380 tracks.

And for those wishing to amass a digital music collection of High Fidelity-esque proportions - or are even looking to make their own audio tracks - applying for a cheap loan could be advisable.

However, despite the high amount of mp3s that consumers hold on their computer, it appears that a significant number of people are not taking steps to protect their music. Moneysupermarket reveals that about a third of Britons have lost their entire music collection. Overall, it was shown that more than nine billion audio tracks have been lost, with such songs said to be worth a total of 7.6 billion pounds.

It also appears that fans of the likes of the Wu-Tang Clan, Public Enemy, Kanye West and Lupe Fiasco may be particularly suffering from an mp3 meltdown. The price comparison website reveals that just over a quarter (26 per cent) of hip-hop lovers have permanently lost their music collection.

For those who have a particularly large collection of music, the time and effort involved in restoring tracks lost may see them pay a pretty penny to replace songs by the Ramones, Marvin Gaye, Blur or whoever their favourite artists are. As such, this could put pressure on their capacity to manage other areas of financial demand such as personal loan repayments, credit cards and utility bills.

However, as 30 per cent of downloaders are shown not to bother backing up their music library, a significant number of those losing their collection could unnecessarily - like the David Bowie and Queen song - be putting themselves under pressure.

Commenting on the news, James Parker, commercial manager of broadband at moneysupermarket, said: “Im surprised there arent more people backing up - especially when you think of how much an entire collection could be worth. At 79p for a single or seven pounds and 99p for an album, a lot of money is invested in digital collections, particularly when you consider most people have over 1,000 tracks. Because mp3s are intangible, its too easy to forget the file is actually worth something and has been paid for. If youd bought a CD you can actually hold in your hand youd take much more care of it.”

Whether on the look-out for a particularly rare album or wanting to buy instruments to make tracks of their own, music lovers may find a loan is an effective way to not only satisfy their passion but also to get comprehensive insurance. Getting a loan could also be advisable for fans of four-legged friends, after a recent study by esure revealed that a Great Dane causes more than 660 pounds in damage to its owners house over the course of its lifetime.

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