Spotify is considering raising its prices

Spotify has just released its quarterly results. In these figures we see that Spotify currently has more than 195 million paying users. The company believes they will have over 200 million paid subscribers by the end of the year with current growth. It is also considering raising prices in response to its competitors.

Numbers don’t lie

In a news item, Spotify shares its quarterly figures for the third quarter of 2022. The streaming service shows that it currently has more than 195 million paying users. This is an increase of thirteen percent compared to last year. This makes Spotify still the largest music streaming service in the world, and it even strengthens this position. There are currently about 70 million music tracks on Spotify and more than three million podcasts, of which our podcast is of course one. You can take out a Spotify subscription from 9.99 euros per month, students pay about half.

Rumor has it that the company hopes to get even more subscribers with a new hi-fi subscription. In this subscription, users would have access to hi-fi sound, this will mean that audio should sound better because there is less distortion. This subscription will be called Spotify Platinum and will probably cost twenty euros per month. You can read more about this in the article below.

Price increase?

Spotify is considering raising the prices of its subscriptions, the company announced to Deadline. Spotify would do that mainly because Apple Music and YouTube Premium have previously announced higher prices.

It’s “one of the things we’d like to do and we’re considering it in consultation with our label partners,” said CEO Daniel EK. “I have a good feeling about the coming year and what that means for the prices of our service.” Spotify is currently talking about an increase in subscriptions in the United States, but that could also spread to the Netherlands and Belgium.

Further growth in the fourth quarter

In the report, Spotify also shares their expectations for the fourth quarter of 2022. The streaming service expects to have more than 202 million paying users by the end of the year. The company expects to generate a turnover of 3.2 billion euros. An increase of just under ten percent compared to this quarter. At the time, Spotify had a turnover of approximately three billion euros. Despite this high turnover, the company suffers a loss of 228 million euros.

Do you also have a Spotify subscription, do you use the service for free or do you use another music streaming service? Let us know in the comments below this article.

Spotify’s outlook for the fourth quarter of this year. Image: Spotify