Crazy statistics are being revealed today by the BBC in regards to music streaming sites. It is being reported that almost half of the people who aren’t currently subscribed to a music streaming service say that they think the sites are too expensive.
The survey poll that the BBC used in this report suggests that services like Spotify and Apple Music should ‘experiment with pricing’ in order to attract the whopping 90% of the UK population who don’t already have a subscription to any service.
The report then goes on to state that the 10% who do subscribe to a music streaming service pay on average £7.07 per month; not very much when you consider movie and TV show streaming sites like Netflix charge around £7.50 per month.
With physical music copies dying out and the selling of music becoming increasingly difficult due to illegal downloading, it’s not a great surprise that revenues from music streaming grew by a huge 49% last year, generating roughly £251 million in the UK alone. Why pay for a CD when for the same price you can get unlimited music for a month eh?
The scary fact here is the stat produced that shows that the 5.2 million people who are subscribed to a streaming service admit that they have no plans of purchasing a CD again. Does this mean that the idea of a CD or a Vinyl is now obsolete? Other than for aesthetic purposes, it certainly looks that way.