Spotifyis one of the most popularmusic streaming appson the planet, and its new partnership could result in anew erafor the platform.
Spotify and Universal Music Group (UMG)recently announceda new multi-year agreement, which could make Universal’sStreaming 2.0vision a reality. While the press release didn’t get into too many specifics, it does say the agreement is meant to “advance the next era of streaming innovation,” which could result in new more expensive subscription tiers on Spotify offering extra benefits and perks for “superfans.”
“For nearly two decades, Spotify has made good on its commitment to return the music industry to growth, ensuring that we deliver record payouts to the benefit of artists and songwriters each new year.” said Spotify’s Founder and CEO, Daniel Ek, in apress release. “This partnership ensures we can continue to deliver on this promise by embracing the certainty that constant innovation is key to making paid music subscriptions even more attractive to a broader audience of fans around the world.”
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What is Streaming 2.0?
Apparently, the future of music streaming means paying more
Last year, Universal Music Grouppresented its investorswith the idea of “Streaming 2.0,” which is essentially a new monetization method aimed at devoted music listeners. The idea includes developing a “Super-Premium” subscription tier, allowing fans to pay extra to receive perks such as early access to music and deluxe editions, high-res audio, listening party invites, and artist Q&A sessions.
“When we first presented our vision for the next stage in the evolution of music subscription several months ago – Streaming 2.0 – this is precisely the kind of partnership development we envisioned.” said UMG’s CEO Sir Lucian Grainge in apress release.
The exact terms and length of the deal were not announced, and it’s unclear when or if Spotify will implement a more expensive subscription tier in line with the ideas of Streaming 2.0. The deal doesreportedlyinclude increased royalty rates for songwriters. Last June, Spotifyincreased the priceof its Premium subscription to $12 a month, so if it introduces a new “Super-Premium” tier, it will likely be priced somewhat above that.
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