Spotify Technology increased the prices of its premium subscriptions in several countries on Monday as the music streaming company tries to boost profitability in an uncertain economy. The rate increase mainly concerns individual subscriptions, which have not changed since 2011.
The measure results in a $1 price increase for US Spotify subscriptionswith the premium single now starting at $10.99, the duet at $14.99, the family plan at $16.99 and the student plan at $5.99.
Similar price increases are also being applied in 50 other areas, including Ecuador. The individual subscription, which for years had cost $5.99, now cost $6.49, that is, it was increased by 50 cents.
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Spotify has moved to in recent months boost margins with hundreds of layoffs and a shake-up of podcast unitswhich he had built with an investment of billions of dollars.
The price increases come at a time when streaming services, both audio and video, are under increasing pressure from investors to increase profitability after years of prioritizing user growth.
Rival services from Apple and Amazon.com and Tidal have raised prices this year, while YouTube also raised prices for its premium monthly and annual subscriptions in the US last week, for the first time since the subscription service launched in 2018.
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Spotify, which had indicated in April that it would raise prices in 2023, also raised prices in 46 countries last year. After announcing the increase on Monday, the company said it was raising prices “to help us continue to provide value to fans and artists on our platform.”
Spotify said users will “get a one-month grace period before the new price takes effect, unless they cancel before the end of the grace period.” Over time, the values of your other services will also increase. For now, the platform maintains its free version, which limits certain playback features.
Source: Eluniverso
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