Spotifythe world’s most popular music streaming service, is about to announce something new that its users might not like: theincrease in the price of the Premium plan.
According to the Wall Street Journal, the Swedish music streaming giant will follow in the footsteps of other competitors, such as Apple Music, Deezer, Tidal e YouTube Musicwho have already raised the cost of the monthly subscription.
Spotify: new increase for the Premium subscription?
According to the WSJ, the announcement should come later this week, likely in conjunction with the Q2 2023 financial results release scheduled for July 25. The increase will primarily concern the United States, but will then be rolled out to other major markets in the coming weeks. So Italian users will hardly be able to escape it.
In reality, Spotify had already communicated to investors its willingness to adjust the Premium plan rates in recent months, arguing that the value perceived by users is higher than the current price. However, it is unclear whether the increase will be accompanied by new features for Premium customerssuch as the ability to listen to music in lossless quality with Spotify HiFia modality that we have told you about in more detail here.
Currently Spotify counts over 158 million users subscribed to the Premium plan. Despite this, the company struggles to maximize profits. The reason is that most of the revenues go towards paying royalties to music rights holders. For this reason, Spotify is trying to diversify its sources of income, also focusing on podcasts and advertising. In our article on the best streaming platforms, we also told you about how Spotify is among the music services that pays artists the least.