Universal Music CFO Boyd Muir said UMG was in advanced talks with Spotify over a superfan tier during the company's Capital Markets Day presentation.
Universal Music Group and Spotify are in “advanced talks” over a high-priced, superfan tier of the streaming service that offers a better user experience than the standard subscription plan. The status of the negotiations were revealed by UMG CFOThat a Spotify superfan tier is in the works has been known for a few months.
As the largest streaming markets mature and subscription growth slows, UMG and other labels are increasingly looking to more serious music fans for revenue growth. While streaming dominates recorded music revenues, companies have done little to generate more revenue from consumers willing to pay more for an enhanced streaming experience. Instead, streaming services have offered ways for consumers to save money through student plans, family plans and bundles with other digital services.
China’s Tencent Music Entertainment already offers what it calls a Super VIP tier that offers perks such as early access to digital albums and access to ticket sales. Super VIP costs five times the standard subscription plan, and Muir said a “double-digit percentage” of Tencent Music’s subscribers have signed up for it. Based on the 117 million subscribers it claimed on June 30, a 10% adoption rate would mean 17 million consumers were willing to pay 400% more for an upgrade to Super VIP.
That adoption rate could ultimately go much higher for Super VIP and other superfan tiers. According to UMG’s own research, the company said Tuesday, 23% of current streaming subscribers would pay more for a better music experience.
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