Swedish music subscriptions grew 7% in 2021 reaching a total of £196 million according to Mediavision, the Nordic independent analysis and consultancy firm. Sweden’s music streaming market grew by SEK 170 million (£13.3 million) which was caused mainly by an increase in the price of subscriptions as the number of paying households remained largely the same.
Mediavision noted that several of the services available on the Swedish market increased prices last year – including Spotify, Amazon Music and Deezer. This explains much of last year’s growth. In addition, subscribing households have to a higher extent signed up for subscription tiers which allow for multiple users, e.g., different types of family-offerings. Hence, household spend has risen whereas the cost for each individual user has decreased.
Marie Nilsson, CEO of Mediavision, said, “The music services’ revenue growth during 2021 is highly interesting. For several years, we have seen the Swedish market maturing – with a stable number of subscribers. However, in 2021 we observe vastly increasing household spend on music subscriptions. This is, to a great extent, a consequence of price hikes – partly driven by exclusive podcast content now being included in the subscriptions. Should this trend prevail, we may expect the audio market to become more similar to the video market, where exclusive content plays a vital role today. As for audio services, video services have also increased prices gradually, following substantial investments in e.g., sports rights and drama productions.”
Total revenues for the music streaming market in Sweden today is approximately half of total revenues for the video streaming market. SVOD-services attained combined total revenues of close to SEK 5 billion (£392.6 million) in Sweden during 2021.
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