For several years, we have noticed in France that everything is increasing and that life is becoming more expensive. What we are experiencing today is also reflected in neighboring countries, in the face of inflation which has reached 9%, the British are gradually starting to eliminate the small monthly expenses that accumulate.
Streaming services lose
1 million subscribers in
According to a recent report by consultancy Kantar, music streaming services in the UK have experienced a real hell during the first quarter of 2022. Whether it’s Apple Music, Spotify, YouTube Music or even Deezer, no service has escaped this great wave of subscription cancellations.
This follows price increases on fuels as well as food products. To put it simply, like the French, the British have enormously lost power purchase in recent months, prompting them to reprioritize and exclude monthly renewing subscriptions that “are not vital” or can be replaced very easily with common alternatives.
The report explains:
With inflation hovering at 9% in the UK and further rises in the cost of living expected, rising music subscription cancellation rates are proof that UK households are beginning to prioritize at the expense of their disposable income. Over one million subscriptions were canceled in the last quarter, which also saw the highest level of consumers citing wanting to save money as the reason they want to cancel their subscription, with 37 %. This number is up 4% compared to the same period last year.
This consequent drop in subscribers on music streaming platforms has weakened several statistics among our neighbours, starting with the entire population of Great Britain, they are now less than 1% to have a subscription.
Another worrying fact is that users under 35 (normally very present on streaming services) are resilient en masse. They were 57% to have a subscription, today they are more than 53.5%.
This harmful trend for Apple Music and its competitors has also been observed in the United States, more than 5 million of users under the age of 35 canceled their offer. The financial economy is the main reason among the reasons for departures.