Spotify is going to release a new subscription called Spotify Family which gives up to five users access to the premium features of the music streaming service. The first user pays the regular fee of $9.99, every additional member will come at half price.
Spotify is the largest music streaming service in the world with 40 million users of which 10 million are paying premium customers.
The streaming market is extremely competitive; Amazon is offering free music streaming for prime customers and Apple is aggressively looking to gain traction in the market with Beats Music.
According to a recent article from Recode, Apple is looking to reduce the monthly fee for Beats Music from $10 to $5. Apple reportedly said that the best paying iTunes customers spends about $60 a year on music which is how they came up with the new price. Currently the company is talking to the music industry to see if they are able to reduce the fees in order for the new price to make sense.