Paid premium subscriptions continue to lead growth efforts at Spotify.
According to a new report by Consumer Intelligence Research Partners, 38% of all US Spotify subscribers are paying for a premium account. That’s up from 36% a mere three months ago.
What’s causing the increasing for the leading music streaming service? Experts said some of the increase could have happened because of Spotify’s push to sure up misuse of its popular family plan.
“Notably, later in the June 2018 quarter, Spotify reportedly began to verify that Family Plan members live in the same household,” began Josh Lowitz, who is a partner and co-founder of CIRP.
“We’ve seen some preliminary data that suggests this tactic has indeed started to move Spotify Premium subscribers to Individual membership plans,” Lowitz continued. This is the second survey studying user trends conducted by CIRP of Spotify users.
Spotify is listed on the New York Stock Exchange under the listing SPOT. As of October 27, 2018 Spotify stock market value is more than $26 billion dollars.