Kantar Research has published a report that about a million streaming music subscribers in the UK have canceled their services to save money.
The firm mentioned that the reason for the streaming music service cancellation stems from inflation and rising living costs. British households are now prioritizing more important things, and it seems that young people in the UK are following the trend as well.
Kantar Research states that over a million subscriptions were lost in the last quarter, with 37 percent of people saying they wanted to save money as the reason. In 2021, 33 percent of subscribers cited the same reason why they wanted to cancel their streaming music subscriptions.
Interestingly enough, younger consumers in the UK have dropped from 57% to 53.5% year on year due to several reasons such as limited music selection, technical difficulties and too many ads on the platform. The report cites Spotify, Apple Music and Amazon Music among the major streaming services.