The move follows similar hikes by Amazon, YouTube and Apple Music and will likely be welcomed by major label partners.
“The market landscape has continued to evolve since we launched. So that we can keep innovating, we are changing our Premium prices across a number of markets around the world,” the company said in a statement. “These updates will help us continue to deliver value to fans and artists on our platform.”
Spotify had 210 million global paying subscribers and 515 million monthly active users as of March 31. Yet the audio giant has been operating at a loss and has been looking for ways to cut costs amid what CFO Paul Vogel called in late April a “very modest underperformance in advertising” revenue in its first quarter of 2023.
The move will likely be welcome news to Spotify’s major label partners like Universal Music Group and Warner Music Group, which in turn benefit from increased monetization of streaming audio from their artist rosters. UMG, WMG, Sony Music and Music and Entertainment Rights Licensing Independent Network account for 75 percent all of record label audio streams on Spotify in 2022, the company noted in its annual report.
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