Streaming services, like Spotify, Apple Music, Amazon Music and Deezer, lost many UK subscribers in the last quarter. According to the firm Kantar, more than a million subscriptions have been canceled.
“As inflation hits 9% in the UK and further rises in the cost of living are expected, rising music subscription churn rates prove that UK households are starting to give the priority to spending their disposable income”explains Katar.
The main reason cited for dropping out is price. 37% say they want to save money and have therefore decided to cancel their subscription to a music streaming platform. This figure is up 4 points compared to the same period last year.
At the start of 2020, 43.6% of Britons had a subscription to a music streaming service. The share is now 39.5%. One of the reasons for this drop is due to a decrease in the number of young people having a subscription, since 600,000 people under the age of 35 have access to music subscriptions compared to the previous year.
Percentage of new subscriptions
You should know that there is a student offer on several streaming services, including Spotify and Apple Music. But that’s not enough and 59% of UK students have a streaming service, up from 67% previously. One of the main reasons why people under 35 plan to cancel their subscription is because the choice of music is not wide enough, there are too many advertisements or they are having technical difficulties. .