Shop Now!Thanks for your support!

Music streaming services might be profiting from the COVID-19 outbreak

As the coronavirus pandemic took over the entire world, people started to slowly realize it was just a matter of time before this situation would start affecting markets, businesses, and salaries in a major way. COVID-19 has become one of the biggest challenges of the 21st century and the world is slowly realigning to get accustomed to this new reality. And the new reality right now means spending a lot of time at home and probably having more free time on your hands than you’ve had in years. While this has damaged the majority of industries that operate strictly outside of the digital sphere and need actual customers coming in and buying goods or services, for the streaming platforms this pandemic might actually be a blessing.

Overlay the time we spend on entertainment has increased drastically. And while most of us aren’t entertaining ourselves in our referee way which would probably be outside our own homes the streaming services have come out of this outbreak as its very superheroes. While everyone agrees that being locked inside is not a perfect situation, streaming services, online games and generally, digital content has made this lockdown actually enjoyable for millions around the world.

Spotify, Apple Music and more

Specifically, the music industry seems to be doing just fine. Streaming services like Spotify and Apple are actually expected to grow their revenue in the upcoming quarter. The predictions were actually pretty grim when it came to streaming services, with the majority of the analytical companies assuming that people would start canceling their subscriptions because people would be minimizing their unnecessary expenses. But actually the complete opposite has proven to be true. People have been turning to their streaming services and online platforms way more than usual actually bringing in additional profits to these companies.

Some of the most profitable platforms are gaming websites, specifically online gaming. Since all major game bars and casinos closed down due to the lockdown, people have been trying to replace their normal entertainment with online venues and this has brought major profits to online casinos who are now seeing increased hours and more fresh customers. All of these services, especially online casino slots, have been popular for quite some time now and it’s not to say that the lockdown is the only reason why these industries are continuing to grow. It’s the fact that the lockdown has brought in many more clients, specifically the ones who’ve never tried playing online before, is definitely worth mentioning. The same goes for online games that can be played in groups, with people using these platforms to connect with their friends and feel less isolated during these times.

Saving the quarantine

Most talk about Netflix and Spotify, but in specific countries where they have their very own large streaming services, they are also going through the same thing. These services are becoming the primary source of entertainment and while the rest of the world is looking for a way to make businesses survive during these tough times the streaming services and online entertainment venues are doing just fine by themselves. For example, the Indian streaming service Gaana is experiencing the same thing across India, the same goes for Tencent in China and Anghami in Arab nations. Across the world, online entertainment is becoming the top commodity and everyone is trying to somehow become part of it. This lockdown has definitely highlighted all the benefits of seeking entertainment online, it’s safer, cheaper and you definitely have way more options.

While the predictions made by industry experts about a major decline in demand have proved to be false, it’s easy to understand why. The people who are quarantining alone, or maybe they don’t get aligned with their family or need some alone time, will need online entertainment. And the demand will continue to grow as the lockdowns are extended and people don’t have things to watch, music to listen to or games to play. While this is a tough time for everyone, there are industries that will actually make a profit from this and online entertainment is definitely one of them. This might actually spark more conversation about the benefits of doing things online and how more attention should be dedicated to these spheres in general.