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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Business

Spotify hikes premium plan costs in the US as part of a margin push.

image credit: spotify newsroom image credit: spotify newsroom
image credit: spotify newsroom image credit: spotify newsroom

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Spotify boosted premium plan fees in the United States on Monday, the Swedish music-streaming service’s latest step toward increasing margins.
In its largest revenue area, the company hiked the monthly costs of its individual plan to $11.99 from $10.99, duo plan to $16.99 from $14.99, and family plan to $19.99 from $16.99.
Spotify has been attempting to increase its profitability in recent months by reducing marketing spending and layoffs, after previously relying on promotions and large investments to promote user growth.

Shares of the company, which competes with services from Apple and Amazon.com  increased by more than 4% in morning trading.
“We’re increasing the price of Premium Individual so that we can continue to invest in and innovate on our product offerings and features,” Spotify stated in an email that would be sent to its US users over the following month.
Spotify’s income in the United States increased by over 11% to 5.23 billion euros ($5.69 billion) in 2023, according to its annual report.

The company provides an advertising-supported free service with limited features and a subscription-based paying service with full functionality, with premium users accounting for the majority of its revenue.
Analysts believe the streaming giant might expand further by providing bespoke subscription plans based on user interests in verticals such as music, audiobooks, and podcasts.
This is AI Weekly, and it includes a possible glimpse into the future of soccer as well as a robot delivering insults.

 

 

The company’s quarterly gross profit surpassed 1 billion euros ($1.09 billion) for the first time in April after cutting marketing expenses.
Its premium subscriptions increased by 14% to 239 million, and it expects monthly active users of 631 million in the second quarter.


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