Spotify Premium has largely cost $9.99 per month since it went live in 2011, but the CEO has hinted that a price hike could be coming to the music streaming platform.
During an earnings call, the Spotify team stated that they may seriously consider their first price hike after Apple Music recently increased their prices due to inflation. This gives Spotify some breathing room to raise prices and still remain competitive on cost.
CEO Daniel Ek said increasing the cost of premium “is one of the things we would like to do and it’s something we will [discuss] with our label partners. When our competitors are raising their prices, that is really good for us.”
The student plan will not be affected by these developments, however, with both Apple Music and Spotify charging $5 a month for people with college emails.
Spotify, as of May 2022, has 31% of the music streaming market, the largest ahead of Apple Music and Amazon Music.
Check out the video below of Spotify’s drone show at Amsterdam Dance Event this past month:
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Featured image from Spotify
