With a cost-of-living crisis potentially looming for millions of people around the world, and inflation rates of some countries top 10%, there are signs of music subscribers cutting back on their subscriptions, according to Kantar.
That includes Apple Music, Spotify, Amazon, and other streaming services. Here are some highlights from the research group’s report:
- Over 1 million music subscriptions have been cancelled in the last quarter in Great Britain, with wanting to save money being cited by 37% of consumers as the reason they cancelled.
- Value for money is still the #1 driver of new subscriptions in three of Kantar’s four survey regions, with only Germany having a different leading reason (music platforms my friends use)
- The number of new music subscribers dropped to below 1% of the population in Great Britain in quarter one of 2022, with the US and Germany also seeing a drop in new subscribers compared to the last year.
- In Great Britain, subscriptions are dropping the quickest amongst younger consumers; the percentage of under 35 having access to a music subscription having dropped from 57.0% to 53.5% year on year.
