Top Tweets for #spotifyvolume

over 2 years ago

This week’s #chartoftheweek highlights the changes in #SpotifySharePrice (SPOT-US) and #SpotifyVolume following its announcement on Monday, June 3rd that it would raise the prices of #PremiumSubscription plans in the US. @Spotify, the world’s leading music streaming service, commands nearly a third of the global music #streamingsubscription market. According to @Spotify's Q1 2024 update, the streaming giant currently has 615 million Monthly Active Users and 239 million #PremiumSubscribers across 180 markets. While the Monthly Active Users fell slightly below guidance, the number of Premium Subscribers aligned with guidance, reflecting a 14% year-over-year increase. This adjustment marks the second price increase for the Swedish music-streaming company in less than a year. The first hike occurred in July 2023, with increases across all #SpotifyPremium Subscription plans. The Premium Individual plan rose from $9.99 to $10.99, the Premium Duo plan from $12.99 to $14.99, the Premium Family plan from $15.99 to $16.99, and the Student plan from $4.99 to $5.99. At that time, @Spotify defended the increase writing “So that we can keep innovating, we are changing our Premium prices across a number of markets around the world. These updates will help us continue to deliver value to fans and artists on our platform.” In the latest #priceadjustment, which solely affected the US market, @Spotify increased prices for all plans except the student offering. This adjustment raised the Premium Individual plan from $10.99 to $11.99, the Premium Duo plan from $14.99 to $16.99, and the Premium Family plan from $16.99 to $19.99, while maintaining the Student rate at $5.99. Spotify sent a memo to all Premium Subscribers making users aware that the new prices will go into effect starting with billing dates in July. Echoing a similar sentiment to the 2023 increase, the company stated, “So that we can continue to invest in and innovate on our product features and bring users the best experience, we occasionally update our prices.” This latest increase positions @Spotify ad-free individual subscription above rivals @amazonmusic and @AppleMusic, who charge $9.99 and $10.99, respectively. Despite this second price hike, @Spotify is unlikely to see a significant loss of #PremiumSubscribers. The company maintains a roughly 2% churn rate, attributed to the high switching costs in music streaming services, which involve the labor-intensive process of recreating playlists and refining music recommendations that users develop over time. Following this announcement, @Spotify's shares surged nearly 6% to over $313 on Monday. Throughout the week, the share price climbed to a high of $326, but has since leveled out to $318 as of Thursday afternoon. Trading volume also spiked to 2.28 million on Monday, and then to 3.48 million on Tuesday. The market has thus far responded positively, and it will be interesting to continue to monitor @Spotify's performance into the summer.

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