Spotify is close to price hike during earnings call

• Spotify CEO Daniel Ek addressed the possibility of a price hike during an earnings call.
• The company may soon roll out its long-awaited HiFi tier.
• A study revived speculation that the lossless streaming service, codenamed “Platinum,” will soon be available to paying customers.

Spotify reported having 195 million paying users in its most recent quarterly report. It was a huge accomplishment, but the corporation has no plans to slow down, saying that by the end of the year they want to have 200 million paying customers.

Spotify co-founder and CEO Daniel Ek covered a lot of ground during the company’s earnings call, including the possibility of a price hike in the United States.

As a result of Apple’s recent announcement that it will be raising the prices of its services, including Apple Music, many people have assumed that similar price hikes are coming to other music streaming services.

When asked about this during the call, Ek responded, “When our competitors are raising their rates, it is incredibly fantastic for us,” but he did not explicitly indicate that Spotify would increase its costs and noted that any such hikes would need to be addressed with label partners as well.

While the streaming service accounts for the vast bulk of the platform’s income, it has been exploring other revenue streams, such as the addition of audiobooks, which are sold independently of the streaming service.

Ek also shared his opinion on Apple, saying the company continues to “dictate” how the service interacts with its customers and that it would be preferable if Apple gave users the freedom to choose whichever payment method best suits them. In addition, he said that Apple hinders its rivals’ app experiences on purpose to benefit its own platform.

Regardless, it appears like Spotify is quite busy at the moment, and the company may be planning to expand its service in the near future. Though it wasn’t brought up during the call, the company may soon roll out its long-awaited HiFi tier.

Despite the lack of recent coverage, a study has revived speculation that the lossless streaming service, codenamed “Platinum,” will soon be available to paying customers. The monthly fee might be $19.99, including extras like Audio Insights, Headphone Tuner, Library Pro, Playlist Pro, and Studio Sound.

These were collected from a Spotify poll and may not imply anything at all, but they do point to a potential source of additional income for the service. We’ll simply have to wait and see what happens for now.

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