More than a million music streaming subscriptions have been cancelled in the UK over the last three months, as customers try to save money.
Market researchers Kantar have discovered the fastest drop to be happening in the under-35 age group, but across the board customers have been giving up this perceived luxury, as they face rising prices in other sectors including food, energy and fuel.
Kantar’s latest report found 37% of customers cited “saving money” as their reason for cancelling Amazon Music Unlimited, while 41% of previous Spotify customers said the same thing.
“The rising cancellation rates of music subscriptions is evidence that British households are starting to prioritise the spending of their disposable income,” Kantar said.
A standard subscription to Spotify and Apple Music each costs £9.99 each per month, making the yearly price for each just under £120.
Kantar released a similar report in April, that discovered 1.51million TV and film streaming subscriptions had gone the same way in the first three months of the year. Netflix confirmed it had lost 200,000 subscribers during that period, and was expecting more to follow.
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