• Sat. Apr 20th, 2024

Spotify’s Upcoming Price Increase: What You Need to Know

BySamantha Nguyen

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

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

These efforts by Spotify are aimed at increasing profitability for the company. In recent years, Spotify 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. However, this has come at a cost as the company pays out $0.70 for every dollar earned to music owners.

In July 2021, Spotify raised prices and increased most plans by $1 per month. Competitors like Apple Music and YouTube Premium have also followed suit and raised prices in recent years. Apple Music’s individual plan became $1 more expensive in 2022 while YouTube Premium’s individual plan saw a $2 increase the following year.

Spotify has yet to comment on these reports but it is clear that the company is looking to generate more revenue from its users while still providing them with quality music and podcasts.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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