Spotify costs more – level 2

Spotify costs more

28-07-2023 07:00

Spotify increased prices for premium plans in the US and the UK, and other countries too. The company wants to make more money during difficult economic times.

For US plans, prices went up by 1 dollar to 2 dollars, so the prices are now between 5.99 to 16.99 dollars. The company said that this would keep fans and artists happy. To make more profit, Spotify also laid off many workers and changed its podcast unit, which they spent a lot of money on.

Other streaming services like Apple, Amazon, Tidal, and YouTube Premium also increased their prices to make more money.

Difficult words: premium (of better quality, and usually more expensive), profit (money which a company has after it pays all the costs), lay off (to end a worker’s job).

You can watch the original video in the Level 3 section.

What impact will the price increase have on Spotify users and its competitors?

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