Spotify users are fuming over the music streamer’s recent price hikes, calling the company “greedy” and threatening to cancel their subscriptions.“Goodbye @spotify It’s back to pirating music for me, you greedy bastards,”The Swedish company helmed by CEO and founder Daniel Ek said Monday that it was raising its monthly prices by as much as $2 for its advertising-free premium plan., which read: “The market landscape has continued to evolve since we launched.
As a result, customers in the US saw their individual premium plans jump from $10.99 from $9.99. The Duo plan for two accounts rose $2 to $14.99, while the Family plan and the Student plan got a $1 increase to $16.99 and $5.99, respectively.SOPA Images/LightRocket via Getty ImagesInstead, it uses a system in which it pays musicians on a “streamshare” basis.
That translates to payments that vary depending on how music is streamed or its agreements with licensors, the company said.Spotify founder and CEO Daniel Ek said the company needed to raise prices in order to keep “innovating,”“Will be cancelling my Premium sub, @Spotify, @SpotifyUSA. It’s only $1 but it’s unjustified and greedy, esp. since no new features are being added AND you still don’t pay artists what they deserve.
Spotify’s decision came ahead of its lackluster second-quarter financial results Tuesday that missed analysts’ expectations, sending shares down nearly 15% in midday trading to about $140.03 a share.
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