Money

U.K. music subscriptions dwindling as Britons seek savings

Published

4 years ago

June 16, 2022

Over 1 million music subscriptions were cancelled in the U.K. in the first quarter of this year

The market has been dominated by Spotify, Apple and Amazon in recent years.

But analysts believe the shift comes as consumers are finding ways to save money as the cost of living continues to rise.

Wages are struggling to keep pace with inflation that reached a 40-year high of 9 per cent in April and is heading for double digits.

It comes as Spotify reduces its hiring by 25 per cent, with the company’s Chief Executive playing a conservative card to manage the rising costs.

The company employs over 8-thousand people worldwide but reached a session high shortly after these recent developments.

Related Topics:APPLE Music spotify subscription UK

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Costa Haritos

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.