What we’re seeing

While video streamers have an average of 1.53 video streaming subscriptions, music streamers have greater loyalty to a single service and only pay an average of 1.03 services each month. This effectively means that while streamers may sample a few different video options, they only need a single music streaming subscription. It is not surprising, as music streaming services offer mostly the same content and can differentiate only with user experience and features.  Video streaming services are primarily differentiating based on the content library.  Spotify was the top provider in our panel, followed by Amazon Music and then Pandora. 

Interestingly and notably, Apple Music is not identifiable via transaction analysis because Apple does not differentiate its various subscription offerings in the labeling of transaction descriptions. 

While music streaming prices have increased by 13 percent to $11.43 since 2021, when prices hovered around $10 per month, music streaming subscriptions are a relatively inexpensive monthly expenditure. 

Source

Alkami Telemetry Data for this figure was sourced from a panel of 22 financial institutions with more than 2.5 million account holders and over 1.5 billion transactions.