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Thursday, December 1, 2022

Spotify announced that it will increase the price of the service in 2023

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Spotify reported that its one million monthly active users (MAUs) grew 20% to 456 million, surpassing the Bloomberg consensus of 450.7 million. The company had 195 premium subscriptions at the end of the third quarter, up 13% from a year earlier and slightly above the analyst estimate of 194.2.

However, gross margins fell 200 bps to 24.7% from the same period a year ago, below the estimate of 25.2%. Spotify blamed lower margins on slower-than-expected ad growth.

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But in this context, Daniel Ek assured that he trusts that this increase will not harm the number of users. In this way, Spotify and other streaming companies readjust their prices to cover themselves from the coming recession.

Currently, the music streaming platform in Argentina has four packages that range from $280 for an individual to $490 for a family pack.

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Source: Ambito

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