BALTIMORE, MARYLAND) : Among most of the things that have caused the downfall of the Covid-19 pandemic, which includes human life, the economy, music streaming services also seem to have suffered, according to a recent study published in the journal INFORMS, ‘ Marketing Science’.
Research found that during the Covid-19 pandemic, people resorted to video platforms instead of music due to loss of travel or mobility.
The researchers also found that music consumption via video platforms was positively associated with the severity of Covid-19, confinement policies and time spent at home.
Usually people listen to music, preferably digital streaming sites on the way to and from work, while going anywhere, gyms etc. However, during the pandemic, all were shut down and people turned to video platforms instead, according to the study.
“On average, audio music consumption decreased by more than 12% after the World Health Organization (WHO) declaration of a pandemic on March 11, 2020. As a result, during the pandemic, Spotify lost 838 million dollars in revenue in the first three quarters of 2020,” said Jaeung Sim of the Korea Advanced Institute of Science and Technology (KAIST). “Our results show that human mobility plays a much larger role in audio consumption music than previously thought.”
The study, “Virus Shook the Streaming Star: Estimating the Covid-19 Impact on Music Consumption,” conducted by Sim alongside Daegon Cho also from KAIST, Youngdeok Hwang from City University of New York and Rahul Telang from Carnegie Mellon University ( CMU), examined online music streaming data for top songs for two years in 60 countries, as well as Covid-19 case and lockdown statistics and daily mobility data, to determine the nature of the changes. .
“Despite the common expectation that the pandemic would universally benefit online media platforms, we found that it had a negative impact on music streaming services,” said Telang of CMU’s Heinz College. “Our findings imply that the ever-changing media consumption environment may place streaming music in tougher competition against other forms of media that provide more dynamic and vivid consumer experiences.”
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