Spotify Announces Second Price Hike and New Subscription Options
TL;DR
Spotify plans to raise subscription prices in several markets, including the UK, Australia, and Pakistan, with individual plans increasing by $1 per month and Duo and Family plans rising by $2. Additionally, a new "Basic" tier will be introduced, offering music and podcasts without audiobooks, priced at $11 per month. The company aims to generate higher revenue from audiobook consumption and is rumored to be working on a "Supremium" tier with 24-bit lossless audio and AI-generated custom playlists. These changes come as Spotify shifts its royalty payment model to be more artist-centric and seeks to drive $1 billion in revenue toward emerging and professional artists over the next five years.
Topics:businessbusiness-technology#audiobooks#business-technology#music-streaming#pricing-model#spotify#subscription-prices
- Spotify to hike prices again, introduce new subscription tier (report) Music Business Worldwide
- Spotify's price is reportedly going up again The Verge
- Spotify Is Raising Prices Again in the U.S. and Some Overseas Markets The Wall Street Journal
- Spotify's second price hike in 9 months will target audiobook listeners Ars Technica
- Spotify (SPOT) to Raise Prices, Introduce New Plans for Books and Music Bloomberg
Want the full story? Read the original reporting
Read on Music Business Worldwide