• Thu. Apr 25th, 2024

Spotify Price Hike: What to Expect and How it’s Impacting Music Streaming Services

BySamantha Nguyen

Apr 4, 2024
Bloomberg Reports: Spotify Prices Set to Increase in the Coming Year

Bloomberg reported that Spotify is set to increase prices in select markets this year, including the US. This means that your Spotify subscription could see a price hike in the near future. The company is also working on introducing new tiers such as a basic tier and a “supremium” plan.

According to reports, the price increases are expected to be around $1 to $2 per month in markets like the UK, Australia, and Pakistan by the end of this month. The US will see a price hike later in the year. Spotify is also rumored to be working on new plans like a basic tier that includes music and podcasts for $11 a month for an individual premium plan. Users would need to pay extra for audiobooks under this tier. The “supremium” plan is said to include high-fidelity audio features.

These efforts by Spotify are aimed at increasing profitability for the company. Spotify has shared that it pays out $0.70 for every dollar earned to music owners and has made significant investments in podcasts, such as the exclusive deal with the “Joe Rogan Experience” podcast which cost the company at least $200 million.

In recent years, competitors like Apple Music and YouTube Premium have also raised prices. Apple Music’s individual plan became $1 more expensive in 2022, while YouTube Premium’s individual plan saw a $2 increase the following year. Despite these price hikes, it remains unclear what impact they will have on user retention or adoption rates for streaming services like Spotify and Apple Music

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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