Latest Streaming Numbers Make COVID-19 Comeback
Like so much of the music business, streaming numbers took a dive towards the beginning of March when the pandemic took hold. Fortunately, new data shows that music streaming consumption is not only returning to normal, but in some cases do even better than it was pre-COVID.
Guest post by Bobby Owsinski of Music 3.0
Streaming numbers took at big hit in March during the beginnings of the coronavirus pandemic, but the latest Nielsen numbers show that not only are they coming back to normal, but doing even better than before. MRC Data’s fourth COVID-19 survey found that the early scare of dropping was only temporary.
This is what was revealed:
- While streaming fell to 9% below normal during the week of March 26th, last week it was actually up 0.9% above normal. Music videos did even better, up over 12% above average.
- Country music especially has done well, up over 21% above average during the last week.
- Most people with new music streaming subscriptions want to keep them. As a matter of fact, 84% of these people said they’d be carrying on with their service, up from 79% the previous week.
- Fans still want to support their favorite artists even though touring won’t be happening for a while. 43% of consumers said they’d be willing to buy merch or music to help support artists.
- Virtual concerts aren’t ideal, but more fans willing to take a shot. The biggest problem is getting them to pay for one, although more people said they’re now willing to do so.
Everyone understands the situation that artists are in, but the limiting factor also appears to be how solvent an artist’s fans are when it comes to support. You may want to help an artist, but if they’re not offering something of real value, then it’s hard to justify the purchase.
Artists are still searching for ways to overcome the loss of touring, and although some venues seem to be opening, the safety practices imposed are a big factor in the revenue. It’s difficult for a venue or an artist to make money at 25% or even 50% of capacity, plus the added costs of disinfection goes right to the bottom line.
At least the streaming numbers are still holding steady.