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Spotify Is Signaling More Price Increases in the Future
Spotify's recent price increases didn’t result in a mass exodus of subscribers. Podcasts, audiobooks and new features keep people listening.
Although CEO Daniel Ek and interim CFO Ben Kung didn’t provide a timeline for future price increases, they sent numerous signals during Tuesday’s second-quarter earnings call that additional price increases are possible. In the second quarter, the company added 7 million subscribers from the prior the quarter — 1 million more than it told investors it expected — and revenue reached 3.8 billion euros ($4.15 billion), up 20% year over year, the company announced Tuesday. Ek attributes its churn rates to “the tremendous value we’ve added to the service over the last several years.” That includes features such as the year-ending recap Wrapped and Discovery Weekly, a personalized playlist of new releases.
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