NEW YORK(Hypebot) – A new report out from Nielsen has some interesting data regarding music listener's consumption habits and how much they spend on music annually, data which could help predict the future of streaming services such as Spotify and Apple Music.
In its latest 360 Music Report, Nielsen has revealed that the American appetite for music has grown greatly since a similar survey done in the 1990s. Unfortunately, as Spencer Ritchie from Berklee’s Music Business Journal, thembj.org. writes in his recent post on MusicThinkTank, this bump doesn't seem to be translating into increased spending from the music buying populace, something which could potentially change if streaming services were able to up their number of paid subscribers.
"After streaming a collective 164 billion tracks over the course of 2014, the first half of 2015 alone has seen the flow of 135 billion streams. This is good, but few pay. Nielsen finds a mere 3% rise in subscriptions and concludes that the central factor that is inhibiting mass adoption of paid subscription services–and, therefore, the abandonment of freemium and unpaid streaming–is price."