Over one million music subscriptions cancelled in UK due to cost of living crisis

Due to the cost of living crisis, over one million music streaming subscriptions have been cancelled in the UK as households are forced to make sacrifices in order to make ends meet.

Recent results of a study by market researchers Kantar found that the percentage of people in the UK who are subscribed to at least one music streaming service is now only 39.5%, down from 43.6% at the start of 2020.

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As alternatives to subscription-style listening services exist — such as YouTube and Soundcloud — it is pushing many young adults away from spending money on paid music services when those funds could be used elsewhere.

37% of customers who had cancelled a music subscription or streaming service have cited "saving money" as the biggest reason for doing so.

This is up from only 4% the year before — but does not come as a surprise as prices for food, fuel and more continue to soar.

The percentage of those under 35 who have a membership has dropped the most, from 57% to 53.5%.

This trend is mirrored in the student population, with access dropping from 67% to 59%.

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Speaking to BBC, Kantar said: “The rising cancellation rates of music subscriptions is evidence that British households are starting to prioritise the spending of their disposable income.”

In May 2022, 88% of adults in the United Kingdom reported a rise in their cost of living, according to the Office for National Statistics.

Kantar also outlined how the dip in subscriptions to services amongst younger populations was not exclusive to the UK, as subscribers in the under-35 category dipped by 6% in the US - going down from 63% from 69%.

You can read Kantar's full list of findings here.

[Via: BBC]

Aneesa Ahmed is Mixmag's Digital Intern, follow her on Twitter