Spotify has been providing an excellent service to music fans throughout the years as they were able to stream the songs of their favorite artists without the hassle. However, it appears that the platform will be raising its subscription prices this year.
According to Hot New Hip Hop, the streaming platform allows other users to use their app for free, but there will be advertisements in between a few songs.
For those who don't want their listening experience to be bothered, a premium subscription is available for a monthly price of $9.99, but that amount could possibly change in the months to come.
Spotify Premium Cost 2023
According to Bilboard, the Swedish company's chief executive, Daniel Ek, revealed that the platform is ready to raise prices, but it still depends on the negotiations, they will be making.
"I think we are ready to raise prices, I think we have the ability to do that, but it really comes down to those negotiations," he said.
The outlet reported that this was the first time Spotify shared its thoughts about raising its prices, and it could possibly force major music companies to take a new step or devise a new plan.
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Warner Music Group's Robert Kyncl previously criticized the music streaming platform for not raising its subscription prices as it undervalues the music of artists.
How Much Does Spotify Earn?
Spotify reportedly earned $3.3 billion during the first quarter of 2023, which is 14% higher than its earnings last year.
Despite making so much money from subscribers, the company said it's "slightly lower" than what they expected.
Regarding how many people are subscribed to their premium plans, the outlet noted that they have 210 million users, meaning the company is looking to increase the $2.1 billion they make from them.
Ek added that they raised prices in different locations last year and even though the costs were higher than before, they are "still out there performing" and he's confident about their ability to raise prices in the near future.
As of this writing, Spotify has yet to reveal when they will exactly change their current prices, but the chief executive added, "When the timing's right, we will raise it."
Today, the music streaming platform is available in 184 markets, with users mostly coming from the United States and Europe.
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