Billboard lays out the case for — and against — higher streaming subscription prices.
, a former YouTube executive, pointed out at a Morgan Stanley conference on March 8 that the price of YouTube TV doubled “because they have a superior product,” while music subscription prices have barely budged. “That doesn’t seem right,” he said. “I’m amazed we’re paying the same today as we did for Rhapsody in 2003,” says MusicWatch managing partnerabout one of the first music subscription products. Rhapsody cost $9.95 per month in 2003. Adjusted for inflation, that’s equal to $16.
Spotify, for its part, seems confident its product could withstand a broad price increase. “We obviously know our competitors have raised prices, and we think we have a better product than most of our competitors,” Spotify CFOsaid at the Morgan Stanley conference. “So if our competitors are able to raise prices, and we think we have the best product in the business, it obviously bodes well for our ability over time for pricing.”explained in a Jan.
Spotify may have been fortunate not to raise its standard plan prices. In the wake of global supply chain problems and persistent inflation, consumers are increasingly price-sensitive. In the short term, Spotify could have bought itself some goodwill. “It can make a case that it’s helping consumers through a downturn,” says MIDiA Research’s. Over the long term, however, music subscription services’ unwillingness to raise their rates could put them at a disadvantage to their video peers.
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