Connect with us

Hi, what are you looking for?

StayReborn.comStayReborn.com

Business News

Spotify is increasing U.S. prices for many of its subscription plans

Spotify is increasing its prices in the United States for many of its subscription plans.

In a statement on its website, the audio streaming service said the increases were necessary so that it can ‘invest in and innovate on our product features and bring users the best experience.’

Here are the changes:

The company still offers a limited-service ad-supported tier, as well as a $5.99 plan for students. That price is not changing.

It’s only the second time Spotify has raised U.S. prices. The company is now consistently profitable, CEO Daniel Ek said during its latest earnings announcement, although its most recent monthly active user growth figure narrowly missed targets.

In April, Bloomberg News reported that price increases were coming in part to cover the cost of audiobooks, a service Spotify is trying to boost in part to reduce its reliance on music — royalty payments for which still comprise the largest part of its budget.

The increases come as some U.S. companies are announcing price cuts amid signs that consumer spending is flagging.

“Slower labor market momentum will continue to limit income growth and push more families to exercise spending restraint amid reduced savings buffers and higher debt burdens,” Gregory Daco, EY-Parthenon’s chief economist, said in a note Friday. “Factoring increased price sensitivity, household spending momentum will gradually cool.”

This post appeared first on NBC NEWS

You May Also Like

World News

Here’s a quick review of statements made Friday by former president Donald Trump at Trump Tower, in order. Some of these claims we have...

Stock News

VanEck Vectors Retail ETF (RTH) is a peculiar beast. It holds 26 retail stocks, 70% in the Consumer Discretionary sector and 30% in Consumer...

Stock News

On this week’s edition of Stock Talk with Joe Rabil, Joe shows a specific MACD pattern that, when it develops on the monthly chart,...

Stock News

As we approach the highly anticipated results of India’s general elections on Tuesday, June 4, market volatility is expected to be at its peak....