Although music has the power to set our mood for anything, recent research has revealed that music streaming services have been hit hard by the COVID-19 pandemic. The study was published in the information journal ‘Marketing Science’. The research found that the decline in people’s mobility during the pandemic significantly reduced the consumption of audio music streaming. Instead, people turned more towards video platforms.
“On average, audio music consumption decreased by over 12% after the World Health Organization (WHO) declared a pandemic on March 11, 2020. As a result, during the pandemic, Spotify lost $838 million in revenue in the first three quarters of 2020. Jeung Sim of the Korea Advanced Institute of Science and Technology (KAIST) said. “Our results suggest that human mobility plays a much larger role in audio consumption of music than previously thought.”
The study, ‘Virus Shook the Streaming Star: Estimating the Covid-19 Impact on Music Consumption’, was conducted by Sim along with Daegon Cho of KAIST, Youngdeok Hwang of City University of New York and Rahul Telang of Carnegie Mellon University (CMU). Online music streaming data for the top songs for two years in 60 countries, as well as Covid-19 case and lockdown figures and daily mobility data, looked to determine the nature of the changes.
“Despite the general expectation that the pandemic will benefit online media platforms universally, we found that it adversely affected music streaming services,” said Telang from Heinz College at CMU. “Our findings imply that the media consumption environment can largely influence streaming music. A fierce competition against other media forms that provide consumers with a more dynamic and vivid experience.”
Researchers found that music consumption through video platforms was positively associated with the severity of COVID-19, lockdown policies and time spent at home.
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