Spotify, the leading audio streaming platform, has announced an increase in almost all premium subscription prices by £1 in the UK and $1 in the US. This marks the first price hike since the platform’s inception in 2008.
The decision to raise prices is in response to the “increasing costs and pressures faced by the platform” due to changes in the external market. In the UK, standard premium individual plans will now cost £10.99 per month, duo plans will be priced at £14.99, and family plans, covering up to 6 members, will be £17.99 per month. The student plan in the UK remains unaffected, staying at £5.99. In the US, nearly all plans, including the premium student subscription, will see an increase of $1, with Spotify duo rising from $13 to $15.
Spotify will notify users via email about the changes and provide a one-month grace period before the new prices take effect, during which users can cancel their subscription if they wish.
The streaming giant, with over 200 million premium subscribers, remains committed to providing value to its fans and artists. It offers on-demand and ad-free music listening, offline downloads, and high-quality music streaming. The company stated that the price adjustments will enable them to continue delivering innovative services like the AI DJ feature and shared ‘Spotify blend’ playlists.
Spotify’s CEO had previously mentioned discussions with record labels about updated plans and the possibility of raising prices in 2023. While these price increases may not come as a surprise, they allow Spotify to keep evolving and providing enhanced experiences to its vast user base.
Written by: Artificial Intelligence Technology