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On Tuesday, Spotify CEO Daniel Ek announced his intention to raise prices for the first time in the US.
“I think we’re ready for a price increase. We think we have the ability to do it, but it really depends on those negotiations.
The company recently reported total revenue of US$3.3 billion, up 14% from last year’s slump, with monthly active users up 22% this year to over 515 million, and premium subscribers up 15% this quarter. of 210 million people. Although the company is on an upward trend, sales were slightly below expectations. Spotify is being encouraged to do the same in the US, as price increases in other countries show little sign of alienating a significant number of customers.
“We raised prices in 46 different locations and markets last year, and even in those markets we were still performing well,” says Ek. “I am really happy with our ability to raise prices over time and we now have a lot of data to back it up. It’s not a major part of our strategy, it’s not what we think.”
“Instead, we’re working with our label partners… trying to figure out what the best opportunities are to do that. And it’s a more complicated deal,” continues Ek. “I will raise the price when the time is right”
Please stay tuned for further details.
In other news, the DJI Mavic 3 Pro will launch with the first-ever triple-camera setup.
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