The music streaming company Spotify has been able to increase its user base to a whopping 31 percent. The combined worth of users now stands at 286 million people worldwide. The company has seen a stupendous increase in the number of paid subscribers as well. The numbers show a stellar rise to 130 million hits in the first quarter of the year.
It is more than double of the statistics that had been reported previously on Apple Music’s net subscriber count of 60M. However, it should be kept in mind that the same had occurred way back in last year. That was June of the previous year.
It has not been deciphered as of now as to what impact the zoonotic disease and the coronavirus might have on the demand for music services. Given that such music services, mostly the streaming services, be it music or video, are witnessing growing demand. Streaming of music services like Spotify and Apple Music has recorded a tremendous expansion in their user base.
It could be that as more and more people are stuck at home for a prolonged duration, the demand for streaming services, specifically those that are employed in the sectors like leisure and entertainment, would record a good increase. However, we have a counter to this assumption or argument as well. As per the second thought, the levels of unemployment and market instability have magnified.
When there is a sustained period of economic uncertainty, we are likely to see people reducing their leisure spending. It also means that the earlier theory is unfounded and could merely be a coincidence. This next argument treats the previous one as if it is a mere bubble and does not hold water. Thus, given that much of the streaming in music and podcast sectors will soon be a thing of the past, so the crisis would most certainly mean to reduce demand.
Both arguments are equally worthy. Spotify has also recorded a different trend in people’s music choices, by the way. It is also very surprising, and it is relevant that it sheds light on the general preference of people in the time of Corona. Maybe, the lockdown has caused a marked shift in the type of music people have started clinging to.
As per the company’s observation, the songs that the Spotify users are adding to their playlists are less danceable and less groovy. They are soft melodies in general and have lower energy than songs that had been added in the recent past before the lockdown. It is important as it shows how a slowdown in activity could impact the choice of music.
One important detail that is not to be missed is that the songs that the streaming app users are going for these days happen to be more of the instrumental version. A number of these songs and melodies could also feature instrumental records as opposed to loud vocals.