Inflation has finally hit the streaming platforms. After Apple Music recently announced they would be raising the price of their monthly subscription to $10.99, Spotify CEO Daniel Ek has indicated the streaming giant’s prices will fall in line in the near future.
Unlike virtually every other consumer product or service, Spotify’s $9.99/month subscription plan for individual users has been the same since it first went live in the US in 2011. However, with their primary competitor raising their prices, the Swedish audio platform has hinted it won’t remain at $9.99 for long.
Spotify’s CEO Daniel Ek said raising prices “is one of the things we would like to do and it’s something we will [discuss] with our label partners” before going on to elaborate that “when our competitors are raising their prices, that is really good for us.” Ek later added that he believes Spotify and Apple are on level terms when it comes to their pricing power.
Featured image: Daniel Kalker
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