On August 1st, Tidal, a music streaming service, will raise the cost of its HiFi tier by one dollar, from $9.99 to $10.99 per month, the firm has announced in letters to customers.
Reddit members in the UK, Germany, Spain, Mexico, and Argentina all claim to have received communication regarding price increases. According to postings on Reddit, similar price rises look to be coming for overseas subscribers as well.
The price hike for Tidal’s HiFi tier follows recent actions taken by other significant music streaming services. Apple Music raised the monthly cost of its individual plan from $9.99 to $10.99 in November 2022. Deezer increased its fees in December 2022, and Amazon Music did the same in February 2023.
Music streaming firms are raising their prices for a number of reasons. The rising expense of music licensing is one of the causes. Streaming services must increase their fees in order to cover these expenses. Another factor is the investment made by streaming providers in fresh features and material. For instance, Tidal is spending money on purchasing exclusive content from well-known musicians like Beyoncé and Jay-Z. Higher prices are also necessary for these investments.
Lastly, according to some analysts, streaming providers are upping their fees in preparation for a recession. People might be less likely to spend money on streaming services if the economy weakens. Streaming services can make sure they have enough income to survive a prospective recession by boosting pricing right away.
Subscriber pushback to the price rise for Tidal’s HiFi tier is probably going to be moderate. Tidal is still one of the most reasonably priced music streaming services available; it’s vital to remember that. For instance, the individual subscription for Spotify is $10 per month, and the student plan for Apple Music is $4.99.
Individual subscribers must decide whether the price rise is worthwhile in the end. If you enjoy Tidal’s premium audio and exclusive content, the price rise might be worthwhile to you. However, you might want to think about switching to a less expensive streaming service if you aren’t using all of Tidal’s features.
How the price rise will impact Tidal’s subscriber base is unknown. However, it’s probable that some customers could leave for a less expensive streaming service, while others would stick with Tidal in exchange for its premium audio and exclusive content. How the price hike will affect Tidal’s operations will only become clear over time.