Music Streaming is Growing Again After Coronavirus Drop
While data from streaming services initially showed a sharp drop in listening as the coronavirus pandemic enveloped the world, likely due to decreased commute times as folks adjusted to working at home, new information shows that streamers are returning to their old listening habits and new ones are joining them.
Billboard reports that the pendulum has begun to swing the other way. After streaming was measured at 9.4% below average in the week ending March 26, audio streaming rose to 0.9% above average in the week ending May 7, the latest period for which data is available. Music video streams have increased each of the last seven weeks and were 12.5% above average during the week ending May 7. Country and kids music had the largest increases among genres.
The report had some other interesting data as well. 84% of people who added a new music subscription service in the previous two weeks said they are likely to continue paying for it after COVID-19. As musicians’ touring income has been gutted during the pandemic, 43% of consumers said they are willing to buy merchandise or music to support artists, up from 36% the week of March 23. One in five consumers said they’ve watched a virtual concert since the lockdown began, although only 29% of the general population and just 17% of teens said they are willing to pay for one.
You can read the full report here.