Spotify's about to jack up American subscription costs again after hitting other countries like the UK and Australia with price bumps. The service currently charges Americans twelve bucks monthly, which is up from the ten-dollar rate when it first dropped stateside fourteen years back. Industry watchers figure even a one-dollar monthly increase could pull in an extra five hundred million annually for the company.
Record labels have been breathing down Spotify's neck to raise rates, claiming current pricing hasn't kept up with inflation and sits way below what competitors like Netflix charge. The announcement comes right after founder Daniel Ek bailed on the CEO role, with two co-presidents stepping in to run things together.
The move might backfire since Americans are already getting crushed by rent hikes, insane grocery bills, and healthcare costs spiraling out of control. Spotify's gambling that users won't bail when the price increase hits during the first few months of next year.
Record labels have been breathing down Spotify's neck to raise rates, claiming current pricing hasn't kept up with inflation and sits way below what competitors like Netflix charge. The announcement comes right after founder Daniel Ek bailed on the CEO role, with two co-presidents stepping in to run things together.
The move might backfire since Americans are already getting crushed by rent hikes, insane grocery bills, and healthcare costs spiraling out of control. Spotify's gambling that users won't bail when the price increase hits during the first few months of next year.
