Everything is more expensive these days. I’m talking about cars, gasoline, fast food, groceries, home prices, and all the streaming services we use daily. However, Spotify is only $9.99 per month, but that could be changing soon.
For example, over the last decade, we’ve watched Netflix more than double its price. I remember when it was under $7, but today it’ll set you back $15.49 unless you allow ads. Between 2014 and now, Amazon Prime went from $79 to $139 annually.
During that same period, Spotify has remained the same price, being one of the cheapest streaming and subscription services. It’s still only $9.99 and holding strong.
Unfortunately, a Spotify price increase is likely coming in 2023. Late last year, Apple Music went up in price for the first time. A few days later, Spotify CEO Daniel Ek casually said he would like to increase pricing for subscribers in the United States during an earnings call, which the company echoed again in April. Then, earlier this year, Amazon Music went up too.
With everything going up, it’s only a matter of time before Spotify follows suit. In fact, during Spotify’s Q1 2023 earnings call, the CEO said, “I think we are ready to raise prices,” but that negotiations with record labels will dictate how things shake out. For those wondering, Spotify has raised the rate for select markets and specific plans, but it remains at $9.99 in the United States.
According to a recent report by Bloomberg, a price hike to your monthly Spotify subscription isn’t an “if” but a “when.” The outlet quoted Warner Music CEO Robert Kyncl, who recently said, “Price increases have been successful and are a move in the right direction, but this should be just the first step.”
The report ends by saying that if Spotify doesn’t increase its prices, music companies may force their hand. That’s similar to what Spotify CEO Daniel Ek said earlier this year. So while we’ve yet to hear an official announcement from the streaming giant, don’t be surprised if one emerges sooner rather than later.
via Bloomberg
