Nigerian Music Lovers To Pay More As Spotify Announces 44% Increase in Monthly Subscription Fee
- Spotify has announced changes in its premium subscription fee for Nigerians looking to subscribe
- The new fees will take effect from November and reflect the performance of naira in the exchange market
- Spotify follows DStv, Netflix and Starlinks, among others, that have implemented new price increases in Nigeria
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Spotify has announced a significant increase in its monthly subscription fees for premium subscribers, raising the cost from N900 to N1,300, effective November 2024.
In an email to its users, the music streaming giant explained that the adjustments are necessary to support ongoing innovations in its product offerings and enhance user experience.
Source: Getty Images
BusinessDay reports that Spotify had hinted at the possibility of price reviews earlier this year, noting that the service, which costs approximately $0.50 in Nigeria, is among the cheapest globally.
Naira bring more pain to Nigerians
While Spotify did not mention the naira as the reason for the price review, its decision follows a pattern set by other major firms in the industry.
The naira has been under serious pressure since the present administration, falling from N471 in June 2023 to N1603.16 against the dollar as at Monday, October 21, 2024.
Other companies adjust prices
Legit.ng earlier reported that the streaming service Netflix, for instance, raised its lower price band by 83.33% and its higher price band by 59.09 percent within a six-month period.
Similarly, MultiChoice, the parent company of DStv and GOtv, has announced changes in subscription prices to match operational costs.
Additionally, Starlink recently increased its hardware costs by 115.25% to N590,000, attributing the change to worsening economic conditions and high inflation
Elon Musk’s Starlink introduces cheaper kit
Legit.ng previously reported that Elon Musk’s Starlink had introduced a cheaper kit and a $30.87 monthly residential plan in Kenya after another network carrier, Safaricom, raised its fibre internet speeds to rival the satellite internet company’s service.
The company launched a $347.25 kit in East Africa in July last year.
The internet company’s residential Lite plan will boost competition for subscribers nationwide as users opt for cheaper and faster internet speed.
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Source: Legit.ng
