X Raises Premium+ Prices by 37.5%, Affects Some Markets More Than Others
Posted: December 22, 2024
Image Credits: TechCrunch
Price Hike Effective Immediately in the U.S.
X has raised prices for its top-tier subscription service, Premium+, by a significant 37.5% to $22 per month. This is the largest price increase since Elon Musk acquired the platform in 2022. The new pricing will first affect users in the United States, with prices increasing from $16 to $22 effective December 21.
Annual Subscriptions Also See an Increase
In addition to the monthly rate hike, annual subscriptions for Premium+ have also climbed to $229 from $168. Existing subscribers will be grandfathered into current rates until January 20, allowing them to enjoy their current pricing for a few more weeks before being required to pay the higher price.
International Markets Also Affected
The price increase is not limited to the United States alone; international markets are also seeing significant hikes in Premium+ prices. In the European Union, the monthly rate will rise from €16 to €21, while users in Canada will see their prices climb from $20 to $29.
Some Markets Hit Harder Than Others
While the price hike is substantial, some markets are being impacted even more than others. For example, X Premium+ will cost users in Nigeria ₦34,000 per month, a staggering increase of ₦26,700 from the previous rate of ₦7,300. Similarly, users in Turkey will be required to pay ₺770 for the service, up from ₺300 currently.
Basic Subscription Tier Remains Affordable
It’s worth noting that the platform’s basic subscription tier will still remain affordable at $3 per month. This means that users who don’t require the premium features offered by Premium+ can continue to enjoy a low-cost subscription option.
X Cites Need for Price Adjustment
When reached for comment, X stated that it was "adjusting" prices to support the experience it offers its users. While this statement may seem vague, it’s likely an attempt to justify the significant price hike.
What This Means for Users and the Platform
The price increase is sure to be met with resistance from some users who feel that they are being priced out of the service. However, X may argue that the premium features offered by Premium+ warrant a higher price tag. The increased revenue generated by the price hike could potentially lead to improved services and features for all users.
Impact on the Social Media Landscape
The price increase is likely to have far-reaching implications for the social media landscape as a whole. With X’s user base growing increasingly divided between those who can afford Premium+ and those who cannot, it may be difficult for the platform to maintain its position as a leader in the industry.
What’s Next?
As users adjust to the new pricing structure, it will be interesting to see how the market responds. Will other social media platforms follow suit with their own price hikes, or will X’s competitors attempt to poach its Premium+ subscribers with more affordable options? Only time will tell.
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