Spotify reportedly plans a new Music Pro tier costing $5.99/month on top of current subscriptions. It will offer enhanced audio quality, remixing tools, and concert ticket access. However, final pricing is pending as Spotify negotiates with music companies. Launch expected later this year.
Subscribers in the Music Pro tier can blend songs by different artists with AI. Spotify explores new concert ticket sales methods, like presales and premium seats. Talks with promoters and vendors are ongoing. Pricing for Music Pro will vary by region, with lower rates in less-developed markets.
Spotify’s move to introduce a super-premium tier is a significant business strategy shift. The company has maintained consistent pricing globally but now aims to diversify its services for various listener preferences. This change is in response to pressure from music companies to increase streaming costs for exclusive features amid sluggish market growth in countries like the US.
In 2024, Spotify achieved its largest user growth, marking its first annual profit, with significant new users from Asia, Latin America, and the Middle East rather than more developed markets. Streaming services and labels aim to engage dedicated music fans for additional revenue through merchandise and concert-related offerings.
Spotify has long been developing a top-tier service, in talks with music rights holders. Despite rivals like Apple and Amazon offering better sound quality, Spotify remains the dominant audio platform with 675 million users and over 250 million paid subscribers. The company aims to introduce the new premium tier gradually, incorporating additional tools and features in stages.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
Leave a Reply