These downward revisions to our forecasts come off the back of several years of strong growth in digital audio listener numbers for podcasts and music streaming. So, why the drop in attention? According to April 2020 research from media insights firm MIDiA Research, the lockdown may have subtly altered listeners’ consumption habits.
In a blog post, the firm’s managing director, Mark Mulligan, stated, “streaming volumes were almost universally down across all regions. In most cases consumption was only down modestly and generally speaking the impact was more modest in regions of the world where COVID-19 had so far had less impact. Most labels, though, pointed to a strong rise in YouTube and Vevo streams, indicating that when stationary at home, many consumers prefer a visual music experience.”
This thirst for a visual element to music streaming was evident in some April 2020 data from Nielsen Music as cited by Digital Music News. It found that audio music streaming volumes in the US were down by 6.2% in the week ending March 19 (vs. an eight-week pre-coronavirus baseline) and by 9.2% in the week ending March 26. Meanwhile, music video streaming volumes increased 9.3% and 13.4%, respectively.