Tuesday, June 9, 2020

Streaming Music Consumption On The Rise Once Again | Hypebot

Streaming Music Consumption On The Rise Once Again

Although music streaming initially took a hit at the beginning of the COVID-19 pandemic, recent data reveals that music streaming is making a solid comeback, and is on the rise once again.

Guest post by James Shotwell of Haulix

After taking a dip in the wake of COVID-19, new data shows that streaming music consumption is on the rise yet again.

Trauma is a strange beast. You never know how you will react to traumatic situations, and sometimes, you don’t even realize you’re experiencing trauma until days, weeks, months, or even years after the fact. A perfect example is the headline-making moment coronavirus had in mid-March. Maybe you felt fear in that instance, or perhaps you didn’t feel the stress of a disease with no cure ripping through your lived ones until much later. Either way, you were experiencing something traumatic that more than likely influenced your behavior.One change we can find through reviewing consumption data is how the lockdowns that followed the COVID-19 outbreak in the US impacted streaming. As Billboard reports, streaming was measured at 9.4% below average in the week ending March 26. That change can be blamed on a shift in consumer habits as much as a general sense of distraction. People were commuting less because their employers were closed. People were worried about their bills instead of the latest singles. Several big releases got delayed.For a moment, the industry was scared this downward trend would last as long as the coronavirus itself, but new data says otherwise. 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.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.What does all this mean? The short answer is, the music business is resilient. Life may look nothing like it did before March 13, but that doesn’t mean people have stopped caring about entertainment. If anything, music has proven to be a great sense of comfort. It reminds us of a simpler time while simultaneously helping us cope with the chaos happening outside our homes. People are leaning on music to get them through, and the business is reaping the reward of being able to be there for people who may have no one else.

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