5 Reasons To Cancel Your Music Subscription Service
There’s no doubt that music streaming subscriptions have proved popular. In America, subscriptions for services that include Spotify, Apple Music and Amazon Music reached 616.2 million in the second quarter of 2022, according to data from Statista.
See: 8 Major Appliances That Are Wastes of Money
Find Out: How To Get Cash Back on Your Everyday Purchases
But unless you’re a hard-core music fan, are you really getting your money’s worth out of that subscription? Is it worth the annual investment? And could you be paying too much? Here are five reasons why it makes sense to cancel your music subscription.
Simple Answer: Save Money
A survey by data and evidence-based agency Kantar in September 2022 showed that Americans were looking for ways to alter their budgets amid rising costs of living. Among the responses, 21% said they were interested in canceling streaming services to cut expenses.
That U.S. survey followed a study Kantar did that looked at consumer viewpoints from Great Britain in the first quarter of 2022. The study found that more than 1 million music subscriptions had been canceled by Brits in the quarter, with 37% of consumers citing a desire to save money as the reason.
Among subscribers, the number of consumers under age 35 with a music subscription dropped from 57% to 53.5% from the first quarter of 2021 to the same quarter in 2022 in Great Britain.
More Tips: 8 Essentials You’ll Be Shocked You Can Buy at Dollar Tree
You’re Not Using Your Amazon Prime Benefit
Music lovers might subscribe to Spotify or Apple Music to hear their favorite tunes, but they could be throwing away money. Amazon Prime has 153 million subscribers in the United States, according to Statista, but it’s a sure bet that not all of them are taking advantage of — or even know about — their included subscription to Amazon Music. There’s no need for an extra subscription if you already have a Prime membership.
You Could Get the Free Version
Spotify’s premium account costs $9.99 per month, or you can upgrade to a plan for yourself and one other person ($12.99) or for the whole family ($15.99). The premium plan counts ad-free listening and unlimited skips among its benefits.
But Spotify does have a free plan available at signup, too. Just as with commercial radio, you’ll hear ads, and there aren’t benefits like unlimited skips when a song comes on that you don’t like. Still, if you use your Spotify account as background music while cleaning the house, are ads such a bad thing? Not at a savings of $120 per year.
You Might Have Reduced-Price Access
You’ll pay $10.99 a month for an individual plan to subscribe to Apple Music, but you can find ways to bundle that subscription with other Apple products for less. If your cellphone plan happens to be Verizon Unlimited Plus, add the Apple One plan for $10 a month. You’ll get access to Apple’s premium services — Apple Music, Apple TV+, Apple Arcade plus expanded cloud storage — for that $10 fee. Or, for that same amount, you can access an Apple Music family plan for $10, a discount off the $16.99 monthly fee.
If you happen to be thinking about subscribing to Apple Music and buying AirPods, HomePod mini or Beats headphones, now is the time to act. Apple currently has a promotion for six free months of Apple Music for purchasers of those products.
You Signed Up and Forgot About It
Who isn’t guilty of signing up for a free trial for a streaming service or some other app to try it out and forgetting to cancel? The truth is that you could have wasted hundreds of dollars over a year’s time on a “free” app you’ve used sparingly.
According to a study from Self Financial, the average household has 4.4 active paid subscriptions that cost an average of $52.97 per month. However, more than 30% of subscriptions — an average of 1.4 per subscriber — go unused each month. That adds up to an average loss of $25.34 per month, or more than $300 per year, per the study.
If you signed up for a music subscription to play the latest songs during a party you threw but have rarely touched it since, now is the time to cancel.
More From GOBankingRates
5 Cities Becoming Popular With Baby Boomers: Are They Right for Your Retirement Years?
The 4 Types of Bank Accounts All Small Businesses Should Have
This article originally appeared on GOBankingRates.com: 5 Reasons To Cancel Your Music Subscription Service
