- Rising inflation in the UK has households considering cutting expenses.
- One area where they can significantly save is subscription costs for music streaming services.
UK households have been feeling the pinch of rising living costs since 2021, and this came to a head when the UK’s Consumer Price Index shot up to 11.1%, its highest level in 41 years, in October 2022. Although it has since dropped to 10.1%, many households are still looking for ways to trim their spending. One area that UK British households can save on is music streaming services.
According to a Banklesstimes.com analysis, ditching music streaming services could see British households saving over £200 annually. This figure is based on the average UK family size of 3 people. Such families would likely subscribe to the Family plan of the popular streaming service Spotify which charges £16.99 monthly, amounting to £203.88 annually.
A family opting for the Apple Music family plan will part with similar amounts as Spotify’s. Meanwhile, those choosing Amazon Prime Music, Tidal, and YouTube Music will pay £14.99 monthly, totalling £179.88 yearly. Finally, if they go for Deezer, they’d have to cough up £17.99 monthly and £215.88 annually. The expenditure goes higher considering many Brits subscribe to more than one streaming service.
Convenience at a Price
BanklessTimes CEO Jonathan Merry has weighed in on the findings. He explains that subscription services like Spotify might sound convenient but have hefty price tags.
Jonathan Merry, CEO of BanklessTimes.comSubscription services are increasingly popular as they are an easy way to access the latest music. However, their fees can add up quickly and take a chunk out of household budgets. In an economy grappling with rising inflation, British households must consider how much of these expenses they can do away with and make the most of their money.
| An overview of how much UK households pay for music streaming services | |||||
| Music streaming service | Individual(Monthly) | Individual (Annually) | Family (Monthly) | Family (Annually) | |
| Apple Music | £9.99 | £119.88 | £16.99 | £203.88 | |
| Amazon Music Unlimited | £9.99 | £119.88 | £14.99 | £179.88 | |
| Spotify | £9.99 | £119.88 | £16.99 | £203.88 | |
| Deezer | £11.99 | £143.88 | £17.99 | £215.88 | |
| Tidal | £9.99 | £119.88 | £14.99 | £179.88 | |
| SoundCloud | £9.99 | £119.88 | – | – | |
| YouTube Music | £9.99 | £119.88 | £14.99 | £179.88 | |
Falling Subscriber Numbers
Recent subscription figures reveal that British households are cutting back on music streaming services. According to study, Wales has seen a 9% decline in subscriptions to these services over the past 6 months. The audience decreased from 57% on July 18th, 2022, to 48% on January 17th, 2023.
The trend is the same for British households in the Midlands. While 52% of people had music streaming subscriptions six months ago, today, only 46% still do. This pattern of declining subscriber numbers replicates itself across Britain bar two regions. The capital saw its subscriber numbers jump by 2% to 48%. And on its part, Scotland saw a 12% jump in the figures.
Entertainment on a Budget
The survey shows that despite falling subscriptions, paid music streaming services remain essential to many Brits’ entertainment life. Fortunately, there are other ways that UK households can listen to music without spending money every month.
One way to save money is by opting for an ad-supported version of the service instead of the full version. Music streaming services offer ad-supported versions that allow users to listen to music with ads playing between songs. Though these have limited features, they provide access to millions of songs from major labels and independent artists, all without a subscription fee.
British households should also consider using free internet radio services rather than paid ones. These don’t require signing up for anything, making them perfect for casual listeners who don’t mind hearing random tracks occasionally.
