FNB has revealed that consumer spend on audio and video streaming services such as Apple iTunes, Spotify, Google Music, Deezer, Amazon Prime, ShowMax, Netflix and YouTube has increased by roughly 70% from the period before Covid-19 up to end of June 2022.

Raj Makanjee, CEO of FNB Retail, says the bank’ retail customers spend up to R190-million per month on audio and video streaming subscriptions.

“The flexibility of these platforms allows families to customise their own experience and playlists, with the convenience of consuming content whenever they want. The use of content-on-demand platforms is likely to continue as more providers introduce services to give consumers more choice.”

This growth has also led to a 600% growth of the FNB Virtual Card, which allows users to load subscriptions and earn rewards on streaming services.