Still streaming music for free ? According to the ERA you will soon be the minority. A new study found paid streaming music subscriptions will soon overtake so called ‘freemium’ streaming options, according to the Entertainment Retailers Association (ERA), a UK trade association.
Approx 40% of 25-34 year olds chose to pay for streaming music as opposed to approx 30% of those who didn’t.
The findings show 24.3% of Males now pay to stream rather than those who choose to stream for free (23.9%). Platforms include in the survey were Spotify, Apple Music, Amazon, Deezer, and YouTube Music, amongst others.
More women chose to stream music for free, around 19%, over those who pay to stream at just under 17%
In under 25s the number of people who now pay to stream (57.1%), was up 3.3% over 2017 too. In the same age group, around 45% were not paying to stream, down sharply 18.3% from the previous year.
Other age groups up to the age of 55 stayed roughly the same, while the older audience – 55 and older – still streamed for free (14.9%), up 4.2%, against the 7.2% who pay to stream, up 2.7%.
Breaking down the average, more people still prefer streaming music for free (21.5%) over those who pay for a subscription (20.6%). However, the former figure dropped 0.2%, revealing that more people now want to pay to stream. The latter figure – paid streaming – rose 2.3% over the previous year.
Kim Bayley, ERA CEO, explained,
“Ten or 15 years ago popular opinion had it that it was all over for the music business and people would no longer pay for music. These figures are a striking vindication of the innovation and investment of digital services.”
Adding that streaming has made it fashionable to pay for music again, Bayley concluded,
“What is all the more remarkable is that the likes of Spotify and YouTube also offer fantastic free services, funded by advertising. These figures suggest that music fans increasingly believe that the added features offered by paid-for services, and the curation which enables them to navigate literally millions of tracks, are definitely worth the money.”
she warned the next battleground for streaming music is female and older music fans.