On Tuesday, Ek complained that Apple is forcing Spotify to sell audiobooks through an in-app payment feature, for which Apple takes a 30 percent cut of sales, something he said is hampering Spotify’s growth in the space. Over the last three months, Spotify introduced a new feature that allows subscribers in some countries to purchase audiobooks from a catalog of 300,000 titles, a move that is intended to better compete with Amazon’s Audible and Apple’s Books services. Total revenue last quarter was €3.04 billion (about $3.03 billion), of which €2.65 billion (about $2.55 billion) was generated from subscriptions. While Spotify operates an ad-supported version of its music and podcast service, premium subscriptions still account for the bulk of its revenue.
According to its recent quarterly earnings report, Spotify has more than 456 million MAUs) around the world, with around 195 customers agreeing to pay for Spotify’s premium tier. Of the three streaming audio services, Spotify has been around the longest, and it has cultivated the biggest pool of monthly active users (MAUs). Earlier this year, Amazon raised the price of its Amazon Music service from $8 a month to $9 a month for Amazon Prime members. As of Monday, Apple Music costs $11 a month for an individual account or $17 a month for Apple Music’s family plan. On Monday, Apple announced an immediate price hike for its Apple Music service, with customers paying an extra $1 to $2 to access its catalog of songs. Spotify primarily competes in the streaming audio space with Apple and Amazon in the United States. Currently, the price of a basic Spotify subscription costs $10 a month and includes access to tens of millions of songs and podcasts. In an interview with the Wall Street Journal newspaper, Spotify CEO Daniel Ek said prices have increased in a number of international territories over the last year or so, with customers largely shrugging off the fee hikes.Įk gave no indication as to how much a Spotify subscription will cost once the fee increases are implemented. Streaming audio service Spotify will raise its subscription prices at some point next year, the company’s chief executive confirmed on Tuesday. (Image courtesy Spotify, Graphic by The Desk)
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