Spotify raises prices in France due to streaming tax
March 07, 2024 at 06:17 am EST
Share
Spotify announced on Thursday that it would soon be raising the price of its subscriptions in France due to the introduction of the so-called 'CNM' tax on music streaming.
In a press release, the Swedish group explains that it will have to increase the prices of its premium subscriptions in France to compensate for these new costs.
We did everything we could to avoid having to do this, but unfortunately the French government decided otherwise", it declares, explaining that it fears that this tax will not go directly to artists.
The 'CNM' tax - named after the Centre national de la musique - is supposed to provide a permanent solution to the financing of this public institution, whose mission is to support music professionals via the taxation of online music distribution platforms, such as Spotify or Deezer.
While Spotify will not reveal the new prices paid by its French users, the company does specify that they will now pay the highest flat rate within the European Union.
Spotify plans to get back to its French subscribers in the coming weeks to provide full details of this increase.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Spotify Technology SA a Luxembourg-based company, which offers digital music-streaming services. The Company enables users to discover new releases, which includes the latest singles and albums; playlists, which includes ready-made playlists put together by music fans and experts, and over millions of songs so that users can play their favorites, discover new tracks and build a personalized collection. Its users can either select Spotify Free, which includes only shuffle play or Spotify Premium, which encompasses a range of features, such as shuffle play, advertisement free, unlimited skips, listen offline, play any track and audio. The Company operates through a number of subsidiaries, including Spotify LTD and is present in over 20 countries. Its service offers a music listening experience without commercial breaks.