The annual reports by the Recording Industry Association of America and by Edison Research seen by Forbes, which are considered crucial barometers of the state of the industry, both highlight single-digit growth in 2022 after years of double-digit growth, which the sign of an increasingly saturated market. Music streaming growth has slowed considerably in recent years. To satisfy your investors, you can increase your revenues in two ways: you can attract more customers or you can charge your existing customers more money. One is that everything is more expensive due to more expensive borrowing, cost of living increases and so on – although having delved through the press releases and announcements I don't see any of the services saying they're upping the royalties they pay to artists, who are also affected by the increasing cost of everything.īut another key reason for the increases is because the various services' investors want to make more money with very few exceptions, the streamers' real customers are shareholders who want their investment to make big returns. There are multiple reasons for the price hikes. For example, it's been reported that 90% of Spotify's revenue comes from subs. But the bulk of streamers' income comes from standard and family subscribers.
There are cheaper options, such as ad-funded tiers and student tiers. But you can probably guess what it's likely to increase to in the not too distant future. The outlier is Spotify, which is $9.99 per month. Amazon Music (non-Prime customers) costs $10.99 per month.
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