The music sharing and listening app is considering raising its prices to match that of their competitors Apple Music, YouTube, and Deezer.
In the last decade, the option of music streaming has quite literally uplifted the industry which was losing revenue to bootleggers and illegal downloads. Spotify of course has been one of the biggest players in this industry, with their advanced playlists and curations setting the standard for other music apps.
However, the cost to use their service has not moved an inch from $9.99 which was first introduced almost two decades ago. Many other streamers of course have been operating at this price range in order to gain more customers. There have also been free trials, subsidized plans for students and even family sharing plans. Sadly, these cuts and plans that are next to nothing, means that the artists, songwriters and other artists are getting paid less. But not for long.
Variety reports that Spotify is making plans to raise its prices. Recently, Apple Music also hiked their individual prices to 10.99 and the family plan bumped two dollars up making it $16.99. YouTube has also raised its U.S family plan to $22.99 from $17.99 with Deezer also following suit, but in international markets.
According to various studies, people are willing to pay more to obtain these services which is good for the artists, the company and in fostering a community of non-piracy. There have been no solid statements as to what the new price range will look like but co-founder and CEO Daniel Ek is strongly for this motion. Users can expect to hear more about this in the coming year.