Spotify Premium members in the United States don’t have to worry about price increases according to the company’s CEO Daniel Ek, who told the Financial Times that he is not looking to raise prices in the American market. While Ek will be looking to increase prices in other markets, he is still working on capitalizing off Spotify’s success in other parts of the United States.
Although a price increase isn’t expected any time soon in the United States, Ek told investors that they are keeping that option open for future growth. The service’s basic $9.99 premium plan has remained the same since its launch.
There are also several other projects that Spotify is anticipating to grow its user base and increase its revenue streams. One of these plans includes an app to monitor speech, which will recommend new music to listeners, while another involves increased social features such as the ability to comment on tracks. The company has also expanded into 80 more markets, opening up in various countries across Africa, Asia and Latin America. According to Ek price increases are only the “third part of the stool,” in his vision for Spotify’s growth.
“We’re trying to optimize for growth and there’s three ways to grow,” Ek explained during a meeting with investors. “We’re now adding the third part of the stool here as well, but I don’t think you should read into that, that growth has peaked. It is more that we’re now flexing our muscles and adding that third part, too.”