Spotify recently came up with a new $10.99 Basic plan, which supports ad-free streaming in the US. There have been rumors about a higher-priced plan for years, but all Spotify delivered was a price hike for subscribers.
But it seems like things may change soon because Spotify CEO Daniel Ek has recently confirmed a more premium plan for the platform. During a recent earnings call, Spotify CEO Daniel Ek mentioned a "Deluxe" version of Spotify, which would be priced around $5 more than the current premium tier.
In a conversation with The Hollywood Reporter, CEO Ek confirmed that the Spotify Deluxe plan is still in its early days and could cost around $17-$18. Spotify CEO Daniel Ek further added that the Deluxe plan will offer higher quality audio, enhanced controls, and additional benefits over the premium tier. Ek said:
It’s probably around a $17 or $18 price point, but sort of a deluxe version of Spotify that has all of the benefits that this normal Spotify version has, but a lot more control, a lot higher quality across the board.
The music streaming platform's monthly active users grew by 14% YoY (year-over-year) and now stand at 626 million. However, there was no clarity provided in terms of how Spotify would launch a high-fidelity music service that can justify the price hike and new Deluxe plan.
Spotify's competitors, such as Apple Music and Amazon Music, already have a plan that offers lossless hi-fi audio in their standard plans that cost about $11. Spotify has forecasted a total revenue of €4.0 billion and total premium subscribers to reach 251 million users by the end of Q3 2024.
Spotify recently started rolling out the 2FA service, which asks the user to enter a code sent to the email address they used during Spotify registration. Although this added an extra layer of security to the platform, the implementation was not liked by its users.
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