) CEO Daniel Ek suggested more price increases are to come as the audio giant plans to offer various subscription plans to attract as many users as possible.
"We're constantly looking at how much value we're adding, how consumers in that market are responding to the value that we're adding, and then what is the fair price to have a good value to price ratio."of certain subscription plans last summer. The company hinted it plans to raise prices once again after last year's various price hikes "had minimal impacts on growth.
"We want to offer as much flexibility as possible in this next stage of Spotify because we are at the size where we want to appeal to an even larger base of consumers," he said. "That obviously means you'll see things like, for instance, the audiobook-only tier. ...You should also expect to see a music-only tier as well.
Ek gave several reasons for the miss, saying that user growth accelerated in 2023 at a rate that should not be expected every year. He also said the company's"I have no doubt that we will be able to recapture top-of-the-funnel growth over time as it becomes more of a focus area for the team," Ek said, emphasizing that the company is focused on accelerating revenue while improving the bottom line.
Spotify Price Increases Subscription Plans
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