The Wall Street Journal reports that Spotify Premium is set to increase by $1 as the company still seeks profitability.
In what only can be described as a Friday afternoon news dump meant to soften the ground before an earnings call the following week, The Wall Street Journal reports that Spotify is about to increase its monthly subscription fee for the first time.
Spotify Premium is set to increase by $1 a month to $11, according the unsourced report. Spotify itself has yet to announce any changes. Spotify has long resisted any price increases, but the move would bring it in line with all of its major competitors, some of which have seen recent increases to that $11 mark.A price increase was all but assured by Spotify CEO Daniel Ek during the company’s first-quarter earnings call.
Related The price increase also almost certainly was inevitable due to the fact that Spotify is still seeking to turn a profit . The company ended the first quarter with a 156 million-euro operating loss, and a total loss of 239 million euros. Still up in the air, meanwhile, is whether Spotify is getting any closer to launching its long-awaited hi-fi lossless tier.
Spotify reported having 210 million subscribers to its Premium service as of March 31, 2023, an increase of 15% year over year, so a $1 increase would bring in an additional 200 million euros in revenue. Editors' Recommendations
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