“Having unlimited access to 100 million songs is very inexpensive. It’s accessible. It’s awesome. But it’s very inexpensive.”
In May, in a wide-ranging interview about the streaming business, TIDAL CEO Jesse Dorogusker told MBW that he thinks “music is relatively undervalued and underpriced”.
Now, the company is reportedly set to become the latest streaming platform to raise the price of its subscription service, following similar moves from Apple Music, Amazon Music and Deezer.
That’s according to user reports posted on a popular Tidal forum on Reddit, which claim that they have been notified by the platform that it will increase the subscription price for its Tidal Hi-FI tier. The price for the subscription will go up from $9.99 to $10.99 per month in the US. Family plan subscribers will see their monthly fee rise from $14.99 to $16.99.
The pricing adjustment is set to take effect on August 1, according to the reports. Users in multiple markets have reported receiving notifications from Tidal informing of them an impending price adjustment for August 1.
Tidal has not at the time of writing responded to MBW’s request for comment and for confirmation of which markets will be impacted.
The Tidal Hi-FI subscription tier currently costs $9.99 per month and offers CD-quality lossless streams at 44.1 kHz / 16 bit. The platform’s Hi-FI Plus subscription tier, meanwhile, costs $19.99 per month and offers Master Quality Authenticated (MQA), Dolby Atmos, Sony 360 Reality Audio, and HiFi.
UPDATE: Tidal has confirmed to MBW that it is updating the monthly subscription price in all 61 markets where TIDAL HiFi and HiFi Family tiers are available.
In the US, the new price starting August 1st will be $10.99 for TIDAL HiFi and $16.99 for TIDAL HiFi Family. A similar adjustment in local currency will be introduced in all markets.
A Tidal spokesperson told MBW: “We periodically look at the pricing of our service and make adjustments as needed. We’ll continue to add new features for music fans as we continue to build the best home for music and culture.”
This price adjustment by Tidal follows similar moves by other music streaming platforms, including Apple Music, Amazon Music, and Deezer.
Amazon Music in January raised its standard individual Amazon Music Unlimited monthly subscription price from USD $9.99 to $10.99 in the US, and from GBP £9.99 to £10.99 in the UK.
It follows Apple Music’s decision to increase its standard monthly subscription price also from $9.99 to $10.99 in the US, and £9.99 to £10.99 in the UK.
Deezer also quietly raised its prices, with its Premium subscription tier now costing £11.99 per month in the UK, EUR €10.99 per month in key European markets like Germany, and $10.99 per month in the US.
While Tidal and other platforms adjust their prices to navigate these challenges, Spotify, the biggest player in the music streaming subscription business, has yet to make a similar move, despite calls to do so.
Recent reports have shed light on Spotify’s plans to introduce a pricier ‘Supremium’ tier, although the company has not made any public announcements regarding this offering.
Supremium, rumored to be launched initially in non-US markets, is expected to include access to Spotify HiFi and a limited number of complimentary audiobooks each month.
Spotify remains the world’s most dominant music streaming platform. In the first quarter of the year, it added 5 million net Premium subscribers to its user base, taking its total global paying subs audience to 210 million.
MBW reported this week that Spotify had 44.4 million US subscribers in February, while Apple Music had 32.6m, according to new data revealed at the annual meeting of the National Music Publishers Association in June.
Today’s news arrives about five months after Tidal partnered with Universal Music Group (UMG) “to explore an innovative new economic model for music streaming.”
Music Business Worldwide
