Spotify has cost $9.99 per month for individual subscribers since it launched in the U.S. a dozen years ago. That could soon change.
“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” with major music industry stakeholders, CEO. Those negotiations likely started last year. During an October earnings call, after Apple Music and Amazon Music raised the monthly price of individual subscription fees in the United States by $1, Ek said Spotify could raise prices in 2023 after it has conversations “with our label partners.
Spotify has left the individual subscription price untouched at $9.99 per month since it launched in the United States in 2011. It did, however, raise the price of its family plan from $14.99 to $15.99 back in 2021. The company has dabbled with price increases in other markets, mainly focusing on student, Duo — an account for two subscribers — and family plans.
Assuming a higher price does not increase subscriber churn — and Spotify appears confident it will not — a small price increase stands to help boost top-line revenues and improve music gross margins. JPMorgan Chase analysts said in a March 8 report that a Spotify price increase for U.S. individual plans would create incremental annual revenue of about $200 million.
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