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Spotify has raised prices for the second time in a year, with no new benefits, after its CEO sparked outrage by claiming the cost of creating 'content' is 'close to zero' (www.techradar.com)

submitted 5 months ago by ForgottenFlux@lemmy.world to c/technology@lemmy.world

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[–] CleoTheWizard@lemmy.world 1 points 5 months ago (1 children)

They’re reporting 1.00 billion in gross profit as of Q1 2024 so yeah, they make money. It’s kind of impossible to compare much though since they’re the only freestanding music competitor that’s popular.

The closest comparison I can make is using Apples reported figures of making around $9.2 billion in revenue for its 93 million user base.

Meanwhile Spotify is making around 2.63 billion in revenue for its near 3x subscriber base estimated around 240 million. So I wouldn’t say they’re not making money, but maybe you can see why they think they can squeeze a lot more. Best to just unsubscribe honestly, they’ll keep doing this

[–] intensely_human@lemm.ee 2 points 5 months ago

So they’re leaving a lot of money on the table and getting criticized for their greed? I’m not sure how that’s a coherent position.