U.S. college students can buy Spotify Premium music streaming and Hulu TV streaming for a combined, deeply discounted $4.99 per month, in a new student subscription bundle the companies announced on Thursday to lure younger consumers. The entertainment bundle, $13 cheaper than the regular combined price, is the latest effort in the industry to gain young millennial customers, who favor inexpensive online streaming and listening.
The package is Spotify's first TV and movie partnership, and combines with Hulu's limited commercials plan. Hulu's shows include original content like the hit drama "The Handmaid's Tale," and exclusives such as "Seinfeld" and "Fear the Walking Dead." Mark Mulligan, managing director of MIDiA Research, a media and technology research company, said in a blog post Thursday the partnership gives Spotify "a smart way to get into the video market without getting in over its head."
Spotify had more than 60 million paid subscribers as of July, but can use the video subscribers as it fends off competition from Apple Music, which had 27 million subscribers, according to Apple Inc in June. The partnership with Spotify may also help Hulu to compete with rival streaming service Netflix Inc. T-Mobile US said Wednesday it will offer a free Netflix subscription with its unlimited data family plans.
Spotify plans to go public with a direct listing on the New York Stock Exchange later this year or early next year.
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