In a market that has seen a surge in music streaming services, Spotify has stood out as one of the few platforms that resisted increasing its subscription prices. However, recent reports suggest that this will soon change, as Spotify is preparing to raise its monthly subscription fees in the United States by $1. While this might not seem like a significant increase, it marks a shift in Spotify’s pricing strategy, which has remained steady at $9.99 for its ad-free Premium plan for quite some time.
The Music Streaming industry is growing rapidly as catalogues grow and more people get a subscription
The news of the impending price hike comes in the wake of other major players in the music streaming industry having already raised their prices over the past year. While Spotify initially benefited from an influx of customers who switched to its service due to the price hikes by its competitors, the company now appears to be following suit to cut its losses and retain its user base in the long run.
According to a report from The Wall Street Journal, Spotify is expected to make the official announcement of the price increase in the US market as early as next week. The new subscription fee of $10.99 for the ad-free plan will likely take effect shortly after the announcement. While this may be disappointing news for existing Spotify subscribers, it’s important to note that price hikes are expected to be announced in other markets as well. Some companies are even laying their employees off in crazy numbers to keep up with the inflation in the economy.
Currently, Spotify offers a free, ad-supported plan that grants access to a vast library of over 80 million songs, podcasts, and audiobooks. However, this plan comes with certain limitations, such as the presence of ads, the inability to download content for offline listening, and the restriction to play songs in specific playlists only. The Premium plan, which will now cost $10.99 in the US, provides subscribers with an ad-free experience, the ability to download music and podcasts for offline listening, and the freedom to listen to any track in any order. Additionally, Premium subscribers enjoy the highest music quality available on Spotify (which is not the best in the competition, unfortunately), ensuring a better listening experience.
Students can avail a 50% discount on the Premium plan for up to 4 years, making it more affordable for those pursuing their education. For couples living together, the Premium Duo plan offers two individual Premium accounts at a discounted price. Furthermore, families can opt for the Premium Family plan, which covers up to 6 individuals with their own Premium accounts, and it comes with Spotify Kids and an explicit content filter.
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(Via)
