Spotify users should expect to pay up to $2 more for their monthly subscriptions.
The music streaming service announced the changes Monday, noting the Premium Single will now start at $10.99 (£10.99), the Duo at $14.99 (£14.99), the Family at $16.99 (£17.99) and the Student plan at $5.99 (£5.99).
Existing Spotify Premium plan subscribers will be notified via email and given a one-month grace period before the new price becomes effective – unless they cancel before the grace period ends.
Those currently on a trial offer will have one month at the original price after the trial ends but will pay the increased fee after.
Existing Spotify Premium plan subscribers will be notified via email and given a one-month grace period before the new price becomes effective – unless they cancel before the grace period ends
‘The market landscape has continued to evolve since we launched,’ Spotify shared in the announcement.
‘So that we can keep innovating, we are changing our Premium prices across a number of markets around the world.
‘These updates will help us continue to deliver value to fans and artists on our platform.’
The price increases come at a time when audio and video streaming services are under rising investor pressure to boost profitability after years of prioritizing user growth.
Rivals services from Apple and Amazon.com, and Tidal have all increased prices this year, while YouTube also hiked prices last week on its monthly and annual premium plans in the U.S. for the first time since the subscription service was launched in 2018.
Spotify, which had indicated in April that it would raise prices in 2023, had also raised prices in 46 countries last year.
The music streaming service announced the changes Monday, noting the Premium Single will now start at $10.99, the Duo at $14.99, the Family at $16.99 and the Student plan at $5.99
Similar price increases are being made internationally.
In the UK, an individual plan will now cost £10.99, Duo will cost £14.99, Family will cost £17.99, and the price of a student plan will stay the same at £5.99.
Other nations set for the price increase include Australia, Costa Rica, Hong Kong, Mexico and Kosovo.
Apple increased the price of its Music subscriptions in the UK and the US in 2022 by $1.
A monthly individual subscription to Apple Music costs $10.99 (£10.99) versus the previous price of $9.99 (£9.99).
Amazon’s Music Unlimited also increased by $1 in February 2023, from $9.99 (£9.99) to $10.99 (£10.99).
