April 27, 2020
Streaming services like Netflix, Disney+ and Hulu may be chalking up significant upticks in viewership due to the coronvirus pandemic stay-at-home orders, but music services aren’t enjoying a similar bonanza, according to Futuresource Consulting.
Indeed, the research firm in a study released April 27 said that since the lockdown began, some music streaming services have been seeing a drop in consumption.
“With key music consumption moments such as daily commutes, in-car, office and gym times being removed,” the study said, “consumers’ routines have been disrupted and so are their music consumption habits.”
Futuresource also says the type of audio content being consumed has changed, “to more home-friendly lean-back and mood playlists as well as indoor activity podcasts (e.g. news, fitness, cooking, kids).”
Futuresource said it expects the growth of music streaming subscriptions to be relatively unaffected across 2020 as a result of COVID-19, with a total subscriber count forecasted to reach 371 million globally at the end of 2020, up 19% compared to 2019, according to its recently published Streaming Music Outlook & Services Overview report.