In reporting on Rupert Murdoch's News Corp. breaking news purchase of Beliefnet, the largest faith and spirituality information site on the Web, the London Times reports on the vast religious market in the U.S.
Click here for full article:
http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article3001332.ece
From The Times
December 5, 2007
(here's an exerpt of the article)
Loyal, educated with lots of disposable income
Suzy Jagger: Analysis
Fox Entertainment’s deal to buy a religious social network announced yesterday highlights a commercial truth that has emerged over the past decade in America — faith sells.
According to a study conducted by Baylor University last year, almost 12 per cent of Americans spend more than $50 a month on religious products such as guides to leading a more spiritual life or a piece of religious jewellery. Another 11 per cent of the US spend between $25 to $29 a month on similar items.
Revenues from faith-based books, music and DVDs are forecast to rise to $8.6 billion next year, and to as much as $9.5 billion in 2010, according to the US consultancy MarketResearch.com, compared with $6.8 billion four years ago.
While Wal-Mart is the biggest retailer of faith-related goods in America, Sears, Target and BestBuy have all ensured that religious items are abundant across US shopping malls. The music industry is also tapping a more spiritual beat. Recordings of faith-based music outsell classical and jazz combined, according to Barry Alfonso, the author of Billboard Guide to Contemporary Christian Music, and in 2004 the number of religious radio stations in the US grew by 32 per cent.
Kevin Wright, who founded the Colorado-based Religious Market Consulting Group, which advises companies on how to target spiritual consumers, points out that Americans can find a religious radio station in every city across the US, a far cry from the handful of stations which existed just 30 years ago.
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http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article3001332.ece
Features news, stories, and insight regarding the $50 billion-plus and 225 million-strong faith-based market in America.
225 Million-Strong Religious Market (USA)
About Me
- kevinjwright
- Denver, Colorado, United States
- Kevin J. Wright is one of the world's most recognized religious travel and hospitality authorities. He founded and served as President of the World Religious Travel Association, the leading organization dedicated to the 300 million traveler faith tourism industry. He also served as Chairman of the World Religious Travel Expo, drawing more than 30 countries from around the world. Wright has been interviewed by the CBS Early Show, TIME Magazine, USA TODAY, Wall Street Journal, The New York Times, National Public Radio (NPR), National Geographic, Forbes Traveler, Los Angeles Times, Boston Globe, and dozens of other media outlets. He is the author of four travel guidebooks.
