While people are getting bored staying at their home amid the lockdowns, online entertainment services have been giving free trial and subscriptions to the users for their entertainment. In the same move, Spotify is offering two new deals from today onwards to bring more users trying its premium services.
Under this new deal, new users can get three free months if they sign up from today through June 30th. This deal is applicable on all premium plans including family, student, and individual. On the other hand, people who once were individual premium members, but canceled their plan before April 14th, can sign up again for $9.99 for three months. This cuts the price to around $3.33 per month.
The offers seemingly suggest Spotify is trying to ensure it’ll keep making subscription revenue while the COVID-19 pandemic continues. Spotify generates most of its income from advertising. However, due to the COVID-19 pandemic, this particular area has a hard hit across industries. The company itself said in its most recent earnings report that its ad-supported revenues fell short of its forecast, and it lowered its revenue guidance for the year as a result.
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. However, the company expects that these people will renew thier plans once their economic condition improves. Since people around the world are going through a tight budget due to the increase in unemployment, Spotify is also giving this new deal to bring some people back on the platform without cutting thier pocket.
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