Spotify co-founder and CEO Daniel Ek says the company is considering raising their prices. “When our competitors are raising their prices, that is really good for us,” he said.
For years, there has been one quick solution to at least partially remedy the low royalty payments most musicians receive from streaming services: Raise subscription prices.
In the past several years, streaming has revived a music industry that had seen its revenue literally cut in half due to illegal downloading and plummeting CD sales. Yet the the U.S. subscription price, which was set at $9.99 per month at the dawn of the streaming age more than two decades ago to mirror the cost of a Blockbuster video-rental subscription, implausibly had not budged until recent weeks.
, via dozens of different plans — including ad-supported, a.k.a. free models, student and family plans, bundling and more — all of which added up to less money for musicians and songwriters.earlier this year. . “The price of everything else on earth is going up, and they all keep finding new ways to make subscriptions cheaper.” Surveys have shown that users are willing to pay more.
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