Spotify is increasing the price of its single-account premium plan for the first time since 2011, and other plans will also see a price hike.
In the UK, subscriptions will rise by £1 per month. The individual plan will cost £10.99, the premium duo plan will be £14.99, and the family plan will be £17.99. The student plan remains unchanged at £5.99.
Similar price increases will be implemented in the US, Canada, and 49 other territories. In the US, the individual plan will go up from $9.99 to $10.99, the premium duo plan from $12.99 to $14.99, the family plan from $15.99 to $16.99, and the student plan from $4.99 to $5.99.
Spotify stated that these price adjustments are to support their continued innovation and to deliver value to both fans and artists on their platform.
Users will have a one-month grace period before the new prices take effect, unless they choose to cancel during this period.
The music streaming service has been reducing its reliance on big celebrity signings and costly original content to improve its financial performance. High-profile deals, such as Meghan and Prince Harry’s podcast, have been discontinued.
Spotify, which has 515 million active users globally, will continue to offer a free plan with advertising.
Other streaming services, including Apple Music, Amazon Music, and various entertainment platforms, have also recently increased their subscription prices.
Spotify’s latest financial results are set to be published on Tuesday.
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