Raising prices is a fine balance - we don’t want to drive people back to piracy or unmonetized solutions.” Spotify execs touched upon the subject earlier in 2022, when their company’s Loud & Clear report indicated: “The cost of a subscription is not an insignificant amount for many. “‘We have the same pricing power in the U.S.,’” the 39-year-old said of Apple Music’s heightened subscription prices in an interview with the Wall Street Journal, which further relayed that “subscribers can expect price hikes for the service sometime in 2023.” Needless to say, it’ll be interesting to see whether the move (possibly including a $20 “platinum plan”) slows Spotify’s subscriber growth and/or causes existing paid users to jump ship. “And I feel really good about sort of this upcoming year and what that means in pricing in relation to our service.” “And again, in specific, mostly to the U.S.-based price increases, it is one of the things that we would like to do, and this is a conversation we will have in light of these recent developments with our label partners,” Ek responded when asked about Apple Music’s aforesaid cost jump as well as that of YouTube Premium’s family plan. Bearing in mind the stock-price slip that arrived despite Spotify’s aforementioned Q3 gains, Daniel Ek made clear during his business’s corresponding earnings call that domestic price raises are “one of the things that we would like to do.” The value is almost 70 percent beneath SPOT’s worth in late October of 2021 and only four or so dollars above the stock’s all-time-low price of $78.50. Nevertheless, Spotify stock (NYSE: SPOT) tumbled following the earnings report’s release, and at the time of this writing, shares were hovering around $82 apiece.
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