Music for more? Spotify raising prices, Premium individual plan to cost $10.99
USA TodayMAY 2023
Spotify is attempting to prove it’s agile enough to meet the demands of Wall Street, which is now more interested in seeing streaming services move toward profitability rather than just expand their user base. This unsurprising price hike, along with other cuts and moves Spotify has made, should put it on the road to eventually turning a profit.
Spotify can’t gloss over its dreadful earnings call. In the face of staggering losses, it’s now desperately raising prices. Since the peak of the pandemic, Spotify hasn’t come close to duplicating the earnings it produced while people were cooped up, and based on the stock market's opinions of the streamer, Spotify has a deep hole to dig out of.