AceShowbiz - The long-rumored news that Spotify will soon raise subscription prices in the U.S. by a whopping dollar per month to $12.99 could not be more welcome for the music economy — as long as that estimated $500 million lift in annual revenue is being used in a way that helps musicians and songwriters as well as music companies, Spotify and its investors.

In today's economy, it's hard to find worthwhile things that can be bought for $11.99 or less. A couple of cans of unhealthy soda, maybe a quarter tank of gas, a slice of pizza, four rides on the New York City subway, or an extortionately priced cup of fancy coffee are some examples. However, a month-long subscription to the biggest (licensed) music library in the world, provided by Spotify, is arguably the best deal by far.

Music might not prevent you from starving from hunger, but it will keep you alive in other ways. Music is essential for the soul, and the fact that Spotify is raising its subscription prices is a sign that the company is working towards a more sustainable music economy. The extra revenue generated from the price hike could be used to support musicians and songwriters, which would be a welcome change for the music industry.

The price increase is expected to generate an estimated $500 million lift in annual revenue for Spotify. If used correctly, this revenue could have a significant impact on the music economy, helping to support musicians and songwriters who are the backbone of the industry. As Spotify continues to grow and evolve, it's essential that the company prioritizes the needs of its users and the music industry as a whole.