A report from market researchers Kantar found 37% of customers cited saving money as the reason for cutting services, up 4% from the year before. It comes as people face soaring price rises in areas such as food, fuel and energy bills.
Under 35s with a subscription has seen the fastest drop, from 57% to 53.5%.
Over one million music streaming subscriptions have been cancelled in the UK, with the cost of living crisis forcing households to make savings.
According to the Office for National Statistics, regular pay is falling at the fastest rate in more than a decade when rising prices are taken into account.
The new report found a drop in the total individuals with access to at least one music subscription, now at 39.5% – down from 43.6% at the start of 2020.
That includes 600,000 fewer under 35s who have access to a music subscription compared to the previous year, with students who have access dropping from 67% to 59%.
For Amazon Music Unlimited, 37% of people who cancelled said saving money was one of their key reasons, with that number rising to 41% for Spotify.
“The rising cancellation rates of music subscriptions is evidence that British households are starting to prioritise the spending of their disposable income,” Kantar said.
Weston is an aspiring artist who releases his music onto Spotify, and says it’s “not great to hear” that numbers are falling, but he can see why people are cancelling “with the cost of living crisis”.
“It gives millions of people accessibility, and plays the role of a record label from years ago,” he tells Radio 1 Newsbeat.
A standard subscription to Spotify and Apple Music costs £9.99 each per month, making the yearly price just under £120.
For Debbie, those types of premium streaming services are unattractive options at the moment, with £120 being “way too much”.
“Listening to music should be free. I use Soundcloud because it’s easier,” she tells Newsbeat.
She says YouTube would be another option she would choose ahead of streaming.