The New York Times Co. (NYSE: NYT) announced that new Times digital subscribers that sign up for a one-year subscription will also get free, unlimited access to Spotify Premium, the music streaming service, which costs $120 per year.
According to the company, to get the free access, readers should sign up for one-year subscription, which was $5 per week, and is just available for a limited time for potential subscribers that is currently not subscribed to the New York Times or Spotify Premium. The company refused to comment the way they would share revenue with Spotify.
“The odd-couple partnership -- a 165-year-old publisher and a hot internet company that disrupted the music industry -- is a natural fit,” said Meredith Kopit Levien, the Times’ chief revenue officer. “The two companies will promote the joint-subscription offer on their platforms and team up on digital advertising.”
“If you think about the places where people spend their time in media, they spend a lot on music and a lot on news,” she added. “So it made for a very positive association.”
Currently, Spotify owned over 40 million paying subscribers worldwide by the end of last year, while the Times had over 3 million paid print and digital subscribers. By working this way, both companies are attempting to attract new customers and reach broader audiences.