Therefore, the streaming media giant now predicts that its revenue guidance will be reduced this year. Spotify said in its latest earnings report that although the number of monthly active users and premium subscribers is showing healthy growth, the supported revenue is lower than expected. This further affects income-dependent businesses. The COVID-19 pandemic has hurt most companies worldwide. Spotify's latest offer seems to be designed to attract more people to use its premium subscription service. The family plan of $ 15 per month can use up to six accounts, while the student plan of $ 5 per month is bundled in supported Hulu and SHOWTIME. Spotify Premium's personal package costs $ 9.99 per month. After three months, the regular rate will be applied. Over the next three months, users will save about $ 20 and can use all the features they lost when they decided to cancel their paid subscription. Now, this is a way to induce users to renew expired subscriptions. So the monthly cost is slightly higher than $ 3.00. They can subscribe to their personal plan again for $ 9.99 within three months. Such users can get Spotify Premium for three months in just one month. The company offering a cheaper subscription, along with more features for premium members, might make them more likely to sign back up. People have been tightening their budgets as world unemployment rates soar.
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Spotify said in its earnings report that although the number of users canceling their accounts was down overall, one in six people who canceled in the US cited COVID-19 as a reason, adding that a majority plan to renew their accounts once their economic situation improves. The fact that the company points to April 14th as the date by which people had to have canceled their premium subscription also might suggest it’s hoping to recoup lost money because of the pandemic. However, for users who previously had a premium subscription but quit the service before April 14th, Spotify has received a considerable benefit.
#Spotify free month trial#
Those who have accepted the free trial of Spotify Premium are not eligible for this offer. This will continue until June 30 worldwide.
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The offer is applicable to all its subscription plans, including individual, student and family plans. New users who subscribe to Spotify Premium can now enjoy three months of service for free. First, the music streaming giant extended its free trial period from one month to three months to attract new premium subscribers. Spotify is offering a variety of new discounts to attract more people to use its paid subscription service.