By Kareem Azeez
24 October 2024 |
7:51 pm
Spotify has introduced a 44% worth hike for its Premium subscription in Nigeria, efficient November 24, 2024. The month-to-month payment will rise from N900 to N1,300, reflecting a broader development of accelerating subscription prices within the nation’s tech sector. In an electronic mail despatched to subscribers, Spotify defined the rationale behind the worth adjustment, saying, “We’re…
Spotify has introduced a 44% worth hike for its Premium subscription in Nigeria, efficient November 24, 2024. The month-to-month payment will rise from N900 to N1,300, reflecting a broader development of accelerating subscription prices within the nation’s tech sector.
In an electronic mail despatched to subscribers, Spotify defined the rationale behind the worth adjustment, saying, “We’re growing the worth of Premium Particular person so we will proceed to innovate on our product choices and options and produce you the very best expertise.”
Nigeria shouldn’t be the one nation experiencing this worth hike; in July, the platform elevated costs for premium subscribers within the US and “throughout a number of markets world wide,” following comparable strikes by competing music companies from Apple and Amazon.
In the meantime, in April, the music platform reported a uncommon working revenue for the primary quarter of 168 million euros ($179 million), a turnaround from a lack of 156 million euros in the identical interval a yr earlier.
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It mentioned the enterprise had “carried out nicely” within the quarter, “led by wholesome subscriber positive factors, improved monetization, and document energy in profitability.”
Spotify reported 615 million energetic customers on the finish of the primary quarter, of which 230 million had been paying subscribers.
The corporate has invested closely since its launch to gasoline development with expansions into new markets and, lately, unique content material equivalent to podcasts.
Regardless of its success within the on-line music market, it has by no means posted a full-year internet revenue and has solely sometimes reported quarterly income.
In December, the corporate introduced it could reduce employees ranges by round 17% to scale back prices, following earlier layoffs in January and June 2023.
