Music users in the UK have cancelled over one million music streaming subscriptions due to the cost of living crisis.
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A new report by market researchers Kantar found a drop in the total individuals with access to at least one music subscription, now at 39.5 per cent, down from 43.6 per cent at the start of 2020.
That includes 600,000 fewer under 35s who have access to a music subscription compared to the previous year, with students who have access dropping from 67 per cent to 59 per cent. Under 35s with a subscription also saw the fastest drop, from 57 per cent to 53.5 per cent.
Up to 37 per cent of customers cited saving money as the reason for cutting streaming services, according to the survey.
“The rising cancellation rates of music subscriptions is evidence that British households are starting to prioritise the spending of their disposable income,” the report added.
According to recent research from the Night Time Industries Association (NTIA), 53.2 per cent of the 200 businesses reached said they are experiencing a 30 per cent rise in operating costs compared to pre-pandemic levels.
Elsewhere in the research, the NTIA revealed that 48 per cent of respondents are “barely breaking even,” with 20 per cent of those losing money on a day-to-day basis.