Spotify is raising the price of its Premium memberships in a number of territories, including the UK.
Spotify raised prices on multi-user services back in 2021, however, this marks the first time it has increased the cost of individual Premium accounts.
Prices of Premium, Duo, and Family accounts will all rise by £1 to a new monthly cost of £10.99/$10.99, £14.99/$14.99, and £17.99/$16.99 respectively. Premium Student subscriptions will not see a change in cost and will remain at £5.99/$5.99 per month. Potential increases to subscription prices will vary in other regions.
These increases should not come as a great surprise. Spotify CEO Daniel Elk had made it clear that he hoped to raise prices in a number of markets around the world, and this news comes after rival streaming services such as Apple Music and Amazon Music Unlimited have also upped their prices recently.
Despite having more than 200 million paid subscriptions, Spotify saw a fairly sizeable dip in its ad revenue this year; the bump in subscription prices of between around six and 10 percent, depending on tier, will offset those losses somewhat.
Spotify noted in a blog post that ‘the market landscape has evolved’ and these increases in price will help it to keep ‘innovating’.
It is still unclear when Spotify Hi-Fi will be launched and what these new price changes will mean for the eagerly anticipated CD-quality audio tier.
Alongside the paid packages available, Spotify still offers a free service with adverts and limited playback functionality.
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