In an effort to boost its profits in a uncertain economy, Spotify Technology raised prices for its premium plans in multiple countries, including the United States and UK.
Spotify’s US plans will see a $1 increase in price, with the premium single starting at $10.99, the duo at $14.99, the family at $16.99, and the student plan at $5.99.
In recent months, Spotify has attempted to increase its profits by implementing layoffs and restructuring the podcast division, which had already received billions of dollars in investment.
The surge in prices coincides with mounting investor pressure on streaming services, including audio and video, which have been prioritizing user growth for years.
Apple, Amazon.com, and Tidal have all raised prices for competing services this year, while YouTube hiked its monthly and annual premium plans in the US for the first time since its launch in 2018.
Spotify had indicated in April that it would raise prices in 2023 in addition to price hike in 46 countries last year.
SPOTIFY