Spotify Is Raising Its Prices. Here’s What To Expect

Spotify Is Raising Its Prices. Here’s What To Expect – Potify is raising the prices of its premium plans in many of its global markets, including the UK and US.

The music streaming service’s Premium subscription now costs £10.99 per month in the UK, up from £9.99 previously, according to the company’s website.

Spotify Is Raising Its Prices. Here’s What To Expect

Spotify Is Raising Its Prices. Here's What To Expect

Spotify has also increased the price of its monthly multi-user plans by £1 each: a two-person Duo plan now costs £14.99, while a six-person Family plan costs £17.99. The price of a Spotify student subscription remains unchanged at £5.99 per month.

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In a blog post, Spotify said the raise would allow it to continue to “innovate” in an evolving “market landscape.”

“These updates will help us continue to deliver value to fans and artists on our platform,” the company said.

The price increase has been months in the making. Spotify CEO Daniel EK previously said the company was “ready to raise prices” and that “he would like to do so in 2023”. He added that Spotify was discussing the plan with record labels.

While Spotify previously increased the price of multi-user bundle plans — including the Duo, Family, and Student tiers — in 2021, this is the first increase for its classic subscription for individuals. All four plans come with a one-month free trial for new customers.

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Spotify had 515 million users and 210 million paying subscribers worldwide at last count. Meanwhile, the amount it earns from advertising fell 27 percent sequentially in the first quarter of last year. Therefore, increasing subscription costs could help offset any further declines in advertising activity.

Spotify is also a different beast than what it was when it launched in 2011. The company has since moved beyond music to add podcasts and, more recently, audiobooks to its service.

The price increase means Spotify’s Classic plan now costs the same as rivals Apple Music and Amazon Music Unlimited in the UK. Meanwhile, YouTube Music remains the sole surplus at £9.99 a month, though that may change as the service recently raised its price to $10.99 in the US.

Spotify Is Raising Its Prices. Here's What To Expect

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“As we continue to grow our platform, we are updating our Premium pricing so we can continue to innovate in changing market conditions,” Spotify said on its website.

The price of a Premium Duo subscription increases by $2 to $14.99 per month, while the price of a Premium Family subscription increases by $1 to $16.99 per month.

The company said it will notify subscribers via email of the upcoming price increase and give them a one-month grace period before the change takes effect.

Rival Apple Inc. debuted in October with similar price increases. Around that time, Spotify CEO Daniel Ek hinted that Spotify was also interested in raising its prices, saying the company had “significant pricing power.”

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Shares of Spotify fell nearly 6% in Monday morning trading and are on track for their third consecutive session of declines.

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Spotify Is Raising Its Prices. Here's What To Expect

Spotify is planning to increase the price of its Premium subscription based on a report from the Wall Street Journal.

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Starting next week in the US, Spotify is expected to increase its subscription rate by US$1. The current subscription cost for the Premium plan is S$9.99/month (individual). The price increase is also coming to several other markets “in the coming months”.

Spotify’s move comes about 9 months after Apple raised the price of Apple Music from S$9.98 to S$10.98. Apple attributed the price increase to the increase in licensing costs.

In addition to increasing the price of its Premium subscription to increase profitability, Spotify would launch a new premium tier (known internally as Supremium) that supports HiFi audio.

Previous storyForget WiFi, you could soon use infrared lamps to connect to the internetNext storyApple’s Back to School special gives you free AirPods with every Mac and Apple Pencil with every iPadSpotify Premium now costs $1 more per month in the US, and the service is increasing by a similar amount in more than 50 other countries.

Spotify Is ‘ready To Raise Prices’

There have recently been rumors of an increase in US prices as Spotify struggles to remain profitable. However, the US rise was expected to come perhaps months ahead of the rest of the world, and instead Spotify announced it across the board.

“The market landscape has continued to evolve since our launch,” the company said in a statement. “To continue to innovate, we are changing our Premium pricing in a number of markets around the world.”

“These updates will help us continue to deliver value to fans and artists on our platform,” it continued.

Spotify Is Raising Its Prices. Here's What To Expect

The price increase covers all four of Spotify’s Premium plans. In the US, this means that from the next billing cycle, prices will increase to:

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By comparison, Apple Music raised the price for an individual subscription to $10.99/month in October 2022. Amazon Music Unlimited also costs $10.99/month, though Prime subscribers get it for $8.99/month.

Separately, Spotify recently announced that it will be shutting down all subscribers who pay for the service through Apple’s App Store.

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Spotify Is Raising Its Prices. Here's What To Expect

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