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.
