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Furious Spotify users hit out at “pathetic” price rise

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Spotify users are expressing frustration and anger over the recent price hikes imposed by the music streaming company, with many calling them “greedy” and threatening to cancel their subscriptions.

In response to the market’s evolution, Spotify’s CEO Daniel Ek announced the monthly prices for its advertising-free premium plan would be raised by up to $2.

Customers in the US saw their individual premium plans increase from $9.99 to $10.99, while the Duo plan for two accounts rose to $14.99, and the Family and Student plans experienced increases of $1 and $5.99, respectively.

The anger towards Spotify’s pricing comes amid criticism over its payment model to artists, which uses a “streamshare” basis, resulting in varying compensation depending on music streaming and licensing agreements.

Users expressed their discontent on social media, voicing concerns over the lack of new features added despite the price hike and the continued issue of inadequate artist compensation.

Massive loss

Spotify’s decision to raise prices was followed by lackluster second-quarter financial results, which fell below analysts’ expectations, leading to a drop in share prices.

The company reported a larger-than-expected net loss of $333.4 million, or $1.71 per share, compared to the previous year’s loss of $138 million, or 94 cents per share. Despite revenue totaling $3.18 billion, surpassing Wall Street’s expectations, the price hike and financial results have left many users dissatisfied with the platform.

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Money

Six strategies to build a six-figure property portfolio

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Achieve your dream retirement with these key property investment approaches

Investment Insights is an informative and inspiring interview-style show that dives into the world of money management and wealth creation, making complex financial concepts accessible to all.

Hosted by the Founder of The Investor’s WayAndrew Woodward.

In this episode, Andrew is joined by Moxin Reza, Director of Invest0r Partner Group.

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Money

Experts reveal how to spot investment-grade properties

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Crucial tips for choosing the right property to secure long-term financial success

Investment Insights is an informative and inspiring interview-style show that dives into the world of money management and wealth creation, making complex financial concepts accessible to all.

Hosted by the Founder of The Investor’s WayAndrew Woodward.

In this episode, Andrew is joined by Moxin Reza, Director of Investor Partner Group.

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Money

Tricks of the trade: how to navigate market volatility with confidence

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Strategies to manage risk and seize opportunities in uncertain times

Investment Insights is an informative and inspiring interview-style show that dives into the world of money management and wealth creation, making complex financial concepts accessible to all.

Hosted by the Founder of The Investor’s WayAndrew Woodward.

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