Spotify considers $6 premium plan with extra features and ticket access

Spotify Technology SA is planning to introduce a premium subscription tier, tentatively named Music Pro, which may cost an additional $5.99 per month on top of existing plans. This new service will offer high-quality audio, remixing tools, and exclusive access to concert tickets, catering to dedicated music enthusiasts.

A Shift in Pricing Strategy

For most of its history, Spotify has maintained standard pricing across major markets, offering its vast music library at a uniform rate. However, as competition intensifies and revenue growth slows in mature markets like the US and Europe, the company is now exploring price hikes and customized subscription models. The goal is to attract die-hard music fans who are willing to pay extra for exclusive benefits.

What to Expect from the Music Pro Tier

While Spotify has yet to finalize all details, early reports suggest that the Music Pro plan will include:

• Higher-quality audio streaming for audiophiles.

• Remixing tools, allowing users to blend songs from different artists.

• AI-powered features to enhance the listening experience.

• Exclusive concert ticket access, including presales and premium seating options.

Spotify is also in negotiations with major record labels and promoters to ensure seamless integration of these features.

Pricing and Global Rollout Plans

The Music Pro tier’s pricing will vary by region, with lower rates in developing markets. Although the company is working towards a launch later this year, final pricing and rollout details remain uncertain due to ongoing negotiations with music companies.

Spotify’s Current Subscription Tiers

Spotify already offers a range of plans in the US:

• $5 per month for students

• $11 per month for individual users

• $17 per month for duo plans

• $20 per month for family plans

The introduction of Music Pro would create an even higher tier for premium users looking for additional benefits.

Competition from Apple Music and Amazon Music

Spotify’s super-premium tier is being developed in response to growing industry trends. Competitors like Apple Music and Amazon Music Unlimited already provide high-fidelity audio as part of their standard subscriptions. Additionally, platforms like Tidal and SoundCloud offer remixing tools.

However, Spotify remains the industry leader with a dominant market share, boasting 675 million active users and over 250 million paying subscribers.

Slowing Music Industry Growth and New Revenue Strategies

The global music streaming market is experiencing a slowdown in growth. In the first half of 2023, US recorded music revenue grew by only 4%—the slowest rate in nearly a decade. To counter this trend, music companies are pushing for diversified revenue models, encouraging streaming platforms to introduce tiered pricing and premium features.

Spotify’s Expansion Beyond Music

In addition to raising subscription prices, Spotify is actively expanding into new content categories. Recently, it introduced a new offering built around audiobooks to appeal to a broader audience.

The Future of Spotify’s Super-Premium Plan

Spotify has been working on this high-end subscription tier for years, gradually securing rights from record labels to support its new initiatives. The Music Pro plan will be rolled out in phases, with new features added progressively. Spotify is expected to test multiple features throughout 2024 before a full-scale launch.

With its strong market presence and continued innovation, Spotify aims to retain its leadership in the streaming industry while catering to music super-fans willing to pay a premium.