Spotify is heading to college. The music streaming giant, which already claims the ears of at least 24 million registered users and 6 million paid subscribers, is slashing the price of its premium service in half, from $10 to $5 per month, for students in the U.S. enrolled in accredited Title IV institutions.
Roughly 20 million college students in the U.S. qualify for the deal, and can claim the discount for up to four years, though Spotify’s terms and conditions indicate that offer is available “while supplies last.”
For Spotify, the offer, which was first spotted by Re/Code, comes amidst a wave of new competition from new streaming providers like Milk Music (free for Samsung Galaxy owners), Beats Music ($10 per month), Pandora, iTunes Rdio, and others.
Recent reports also suggest that Spotify is gearing up for an IPO, which could shed some light on the quick push to bolster the number of premium subscribers.