In the last three months, over a million music streaming subscriptions have been terminated in the UK as users strive to save money.
Customers have been giving up this perceived luxury across the board as they face rising prices in other sectors such as food, energy, and fuel, according to market researchers Kantar. The fastest drop is happening in the under-35 age group, but customers have been giving up this perceived luxury across the board as they face rising prices in other sectors such as food, energy, and fuel.
According to Kantar’s newest survey, 37% of Amazon Music Unlimited clients stated they canceled because they wanted to save money, while 41% of past Spotify customers said the same thing.
“The increased cancellation rates of music subscriptions show that British consumers are beginning to prioritize their discretionary income,” Kantar stated.
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Spotify and Apple Music each charge £9.99 per month for a regular subscription, bringing the total cost to little under £120 per year.
In April, Kantar published a similar analysis, revealing that 1.51 million TV and film streaming subscriptions had lapsed in the first three months of the year. Netflix admitted that it had lost 200,000 customers over that time period and that more were on the way.