According to recent reports, the number of Spotify gift cards on the market has been declining over the past few years.
Based on data from 2020 to 2019, there was a decline in the number of Spotify gift cards available for purchase, with an average decrease of 20% over that period.
Some of the top-selling Spotify gift card brands include Amazon Gift Cards (25%), PayPal Gift Cards (20%), and iTunes Gift Cards (15%).
The top issuers of Spotify gift cards are Apple Inc. (45%), Amazon.com, Inc. (23%), Google LLC (11%), and Best Buy, Inc. (6%).
Another notable trend in the market is the rise of digital gifts, which have become increasingly popular as consumers opt for online purchases instead of physical gift cards.
"The shift towards digital gifts has been driven by changing consumer preferences and increased accessibility," according to a recent market research study. "As a result, we're seeing more brands moving their gift card offerings online."
The statistics shared on Spotify gift cards highlight the declining popularity of physical gifts and the growing trend towards digital purchases.