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Netflix, Hulu, HBO Max, Amazon Prime, YouTube killing off the music streaming business
Netflix, Hulu, HBO Max, Amazon Prime, YouTube killing off the music streaming business
Most companies that had an online presence during Covid-19 pandemic and the subsequent lockdown have done very well. However, research has revealed that digital music streaming industry suffered a reversal in fortune due to video platforms like Netflix, Hulu, HBO Max, Amazon Prime and even YouTube.
By:
SHAURYA TOMER Updated on: Feb 24 2022, 17:01 IST
Published in INFORMS journal, 'Marketing Science', research revealed that the consumption of audio music streaming was significantly reduced due to people being locked inside their homes. (Unsplash)
1/7 Published in INFORMS journal, 'Marketing Science', research revealed that the consumption of audio music streaming was significantly reduced due to people being locked inside their homes. (Unsplash)
People have instead turned to video platforms such as Netflix, Hulu, HBO Max and Amazon Prime as a means of keeping them entertained and engaged. (Unsplash)
2/7 People have instead turned to video platforms such as Netflix, Hulu, HBO Max and Amazon Prime as a means of keeping them entertained and engaged. (Unsplash)
According to Jaeung Sim of Korea Advanced Institute of Science and Technology (KAIST), "On average, audio music consumption decreased by more than 12% after the World Health Organization (WHO) pandemic declaration on March 11, 2020. As a result, during the pandemic, Spotify lost $838 million of revenue in the first three quarters of 2020, our results show that human mobility plays a much larger role in the audio consumption of music than previously thought." (Unsplash)
3/7 According to Jaeung Sim of Korea Advanced Institute of Science and Technology (KAIST), "On average, audio music consumption decreased by more than 12% after the World Health Organization (WHO) pandemic declaration on March 11, 2020. As a result, during the pandemic, Spotify lost $838 million of revenue in the first three quarters of 2020, our results show that human mobility plays a much larger role in the audio consumption of music than previously thought." (Unsplash)
The study was conducted by Sim alongside Daegon Cho also of KAIST, and called ‘Virus Shook the Streaming Star: Estimating the COVID-19 Impact on Music Consumption’. It determined the nature of changes by looking at the streaming data for top songs for two years in 60 countries, as well as COVID-19 case and lockdown statistics and daily mobility data in those areas. (Unsplash)
4/7 The study was conducted by Sim alongside Daegon Cho also of KAIST, and called ‘Virus Shook the Streaming Star: Estimating the COVID-19 Impact on Music Consumption’. It determined the nature of changes by looking at the streaming data for top songs for two years in 60 countries, as well as COVID-19 case and lockdown statistics and daily mobility data in those areas. (Unsplash)
Telang of Heinz College at CMU said "Despite the common expectation that the pandemic would universally benefit online media platforms, we found that it adversely impacted music streaming services, our findings imply that the substantially changing media consumption environment can put streaming music in a fiercer competition against other media forms that offer more dynamic and vivid experiences to consumers." (Unsplash)
5/7 Telang of Heinz College at CMU said "Despite the common expectation that the pandemic would universally benefit online media platforms, we found that it adversely impacted music streaming services, our findings imply that the substantially changing media consumption environment can put streaming music in a fiercer competition against other media forms that offer more dynamic and vivid experiences to consumers." (Unsplash)
The study revealed that the consumption of music had a direct correlation with lockdown restrictions associated with COVID-19 and the time spent at home. (Unsplash)
6/7 The study revealed that the consumption of music had a direct correlation with lockdown restrictions associated with COVID-19 and the time spent at home. (Unsplash)