Rumours of Spotify’s Supremium Tier Circulate Amidst Tidal’s Price Hike
In a move following the footsteps of Apple Music, Deezer, and Amazon Music, Tidal has announced an increase in its monthly subscription price. The individual subscription will now cost $10.99 per month in the U.S., up from the previous $9.99. This decision comes after Tidal’s collaboration with Universal Music Group to explore innovative economic models for music streaming. While Tidal subscribers expressed their disappointment on platforms like Reddit, similar price hikes have been observed in other markets as well.
Back in late February, Amazon Music raised its individual Unlimited plan price to $10.99 per month ($8.99 for Prime members). Deezer, also working on streaming reform with Universal Music Group, increased its individual tier price during the second half of 2022. Apple Music followed suit, raising its prices to match the $10.99 mark.
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Meanwhile, Spotify, the leading music streaming platform, has not yet implemented a price increase. However, evidence suggests that Spotify is preparing to adjust its pricing in the near future. CEO Daniel Ek expressed his desire to modify the cost of subscriptions in the United States sometime this year, although the timing will depend on negotiations with labels. Recent reports have shed light on Spotify’s plans to introduce a new tier called Supremium, which may initially be launched in non-U.S. markets.
Rumours suggest that Supremium, the anticipated offering from Spotify, will include Spotify HiFi and provide users with a limited number of complimentary audiobooks each month, all while introducing a higher price tag. Although Spotify has not officially addressed these reports, listeners eagerly anticipate further information. The company’s Q2 2023 earnings call, scheduled for later this month, may provide more insights into Supremium.
As Spotify continues to show double-digit year-over-year subscriber growth and operating losses, the stock market has responded positively. Spotify’s stock (NYSE: SPOT) recently reached a 52-week high, approaching $162 per share. Investors and music enthusiasts alike await Spotify’s financial results on July 25th, which will shed more light on the company’s performance.
In summary, Tidal’s price increase aligns it with other major streaming platforms, leaving Spotify as the only holdout. However, with rumors of Spotify’s Supremium tier and CEO Daniel Ek’s comments on adjusting subscription costs, it appears that changes may be on the horizon for the popular music streaming service.
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An entity of flesh and bones in pursuit of becoming a higher being. A connoisseur of the mystic arts and everything musical. His origins are unknown, and so are his true motives.
