So Spotify has grown again. Compared to the same period last year, the service added a 16% increase in the number of paying members, slightly more than analysts expected.
Spotify has made a profit of €32 million in the past three months. This was not only due to more people taking out a paid subscription, but also due to the rising prices of the music service. Since July, you pay €11 per month for a premium subscription in the Netherlands instead of €10. Prices also rose in other countries.
According to Spotify, the price increase was necessary to “continue investing in and innovating our product offerings and features to give you the best experience.”
Spotify wants to reach 600 million listeners before the end of the year. Of these, 235 million will have to pay.
Spotify is also expected to launch a new, more expensive subscription that will offer higher-quality audio. Starting this month, Spotify is allowing paying subscribers to listen to audiobooks for fifteen hours per month in the UK and Australia. This option may also come to the Netherlands later.