Spotify has so far resisted raising the price of its monthly subscription, but the Wall Street Journal reports that the company wants to raise prices in the US starting next week.
According to this report, Spotify will increase its monthly subscription fee by $1 from next week, from $9.99 to $10.99. Of course, this price change will only affect the ad-free premium tier.
According to Wall Street, this price increase will be implemented in other countries in the coming months. It should be noted that Apple Music increased its subscription fee from $9.99 to $10.99 last year. Amazon Music and other music streaming platforms also increased their prices earlier this year.
Spotify has not officially confirmed this yet. Spotify has also banned subscribers from paying in the App Store, forcing subscribers to pay directly. This will eliminate paying fees to Apple and increase Spotify’s revenue.
Spotify is trying to expand the capabilities of its platform to compete with other competitors, so it plans to add music videos to its streaming service. Bloomberg has revealed that Spotify is in talks with multiple partners to offer the feature. It is not yet clear who will support this new feature and when it will be available to users. This action can significantly improve the user experience on the popular Spotify platform.
The idea of providing music videos in music streaming services is not a new idea, Apple Music has provided this feature to users for years. Now, with the placement of music videos on Spotify, we will see its competition with Apple and it will attract many users from YouTube.
Spotify also plans to diversify its content by adding music videos to its streaming service. Unlike podcasts, which require a large production team, music videos can improve a company’s bottom line without much investment.
Source: 9to5mac
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