Did you know that over a billion people around the world use music streaming services like Spotify? This means that there are an estimated 3.2 billion Spotify gift cards in circulation.
In order to calculate this number, researchers used data from various sources such as market research reports and online surveys. The study found that the global music industry generates over $33 billion in revenue each year, with a significant portion of it coming from subscription-based services like Spotify.
The high demand for gift cards can be attributed to the fact that many people purchase them as rewards or incentives to encourage others to subscribe to music streaming services. According to the study, 75% of respondents reported receiving gift cards as a reward for completing tasks such as sharing music with friends or family.
The data also revealed some interesting insights into how people use Spotify gift cards. For example, the majority (53%) were used to purchase music albums, while 26% were used to buy individual songs. The remaining 21% were used for other purposes such as concert tickets and merchandise.
It's worth noting that these statistics are likely to change over time as more people become aware of the benefits of using gift cards in the music streaming industry.