by parent company NBC Universal.
Video streaming services have mounted fierce competition for subscribers over the past few years, and part of their competitive strategy, at least initially, was to keep prices locked at a reasonable level. But as video streaming services have seen increased subscriber uptake – Peacock jumped 60% year-on-year during the first three months of this year alone – they’ve been emboldened to increase prices.
The same article cited stats compiled by the NMPA that put Apple Music just behind Spotify when it came to US subscriber count, with Spotify at 44.4 million and Apple Music at 32.6 million. Amazon, meanwhile, checked in at 29.3 million in the stats, which reflect subscriber numbers as of February 2023. So, having a cheaper option in Spotify clearly isn’t causing music fans to sidestep Apple Music and Amazon, as subscriptions to both services are growing.
The video streaming world is also experiencing the seemingly counterintuitive effect of subscriber growth following attempts by services to squeeze more cash from customers. One notorious example: following its long-anticipated crackdown on password sharing,Will video streaming services be able to sustain their momentum with the challenges presented by the current Hollywood writers and actors strikes in the US? It’s difficult to say at this point.
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