If you’re trying to reach the 18-34 demographic, it’s everything. Below is a quote from a NYTimes article about legendary music producer Rick Rubin:

This summer, Columbia Records began a program called Big Red. The company invited 20 college students from Harvard, Penn State and the University of Miami to work on various music projects. The interns concentrated mostly on the digital marketing and promotions departments in Columbia’s offices in Midtown Manhattan, which are on Madison Avenue in a granite skyscraper designed by Philip Johnson.

At the end of their paid internships, the students took part in focus groups that were closely observed by Steve Barnett, Rick Rubin’s co-head at the label, and Mark DiDia, whom Rubin brought in as head of operations, as well as by other Columbia executives. The focus groups may have been the real point of Big Red — Barnett and the New York executives, especially those who had been at Sony for years, wanted to try to take the pulse of the elusive music audience. “The Big Red focus groups were both depressing and informative, and they confirmed what I — and Rick — already knew,” DiDia told me afterward. “The kids all said that a) no one listens to the radio anymore, b) they mostly steal music, but they don’t consider it stealing, and c) they get most of their music from iTunes on their iPod. They told us that MySpace is over, it’s just not cool anymore; Facebook is still cool, but that might not last much longer; and the biggest thing in their life is word of mouth. That’s how they hear about music, bands, everything.”

An interesting side note is that MySpace is not so cool anymore. In fact, and I’ve heard this argued before, Facebook is loosing its cachet pretty quickly as well.