Spotify announces price hike, right after CEO enrages music fans by claiming the cost of creating 'content' is 'close to zero'
www.techradar.com
The latest price hike couldn't have come at a worse time
  • dinckel@lemmy.worldEnglish
    483·
    5 months ago

    If anything, they’ve taken features away from people lately. The quality is still shit. Lossless is still nowhere to be seen. Free users are losing options too. Yet they’re making record profits, and jacking up the price

    • AggressivelyPassive@feddit.deEnglish
      206·
      5 months ago

      Spotify actually doesn’t make that much profit, if any.

      But the record labels are major shareholders and definitely influence the pricing structure. Spotify is essentially a marketing frontend for the record industry.

        • CleoTheWizard@lemmy.worldEnglish
          21·
          5 months ago

          They’re reporting 1.00 billion in gross profit as of Q1 2024 so yeah, they make money. It’s kind of impossible to compare much though since they’re the only freestanding music competitor that’s popular.

          The closest comparison I can make is using Apples reported figures of making around $9.2 billion in revenue for its 93 million user base.

          Meanwhile Spotify is making around 2.63 billion in revenue for its near 3x subscriber base estimated around 240 million. So I wouldn’t say they’re not making money, but maybe you can see why they think they can squeeze a lot more. Best to just unsubscribe honestly, they’ll keep doing this

          • intensely_human@lemm.eeEnglish
            2·
            5 months ago

            So they’re leaving a lot of money on the table and getting criticized for their greed? I’m not sure how that’s a coherent position.

    • yeehaw@lemmy.caEnglish
      91·
      5 months ago

      This is why they have record profits. They attack at both ends. Strip features, increase prices.