Spotify raises prices for premium plans in select countries
Spotify, the world’s largest music streaming service, has raised prices for its premium plans in select countries, including the United States and United Kingdom. The price increase is reportedly an attempt to boost profitability in an uncertain economy.
In the United States, the premium single plan will now cost $10.99 per month, up from $9.99. The duo plan, which allows two people to listen to music at the same time, will now cost $14.99 per month, up from $13.99. The family plan, which allows up to six people to listen to music at the same time, will now cost $16.99 per month, up from $15.99. The student plan, which is available to students enrolled in full-time education, will remain at $5.99 per month.
Spotify premium prices go up in several countries
The price increases will go into effect on August 1, 2023. Spotify says that the price increases are necessary to “continue investing in our product and services” and to “ensure that we can continue to offer the best possible experience for our users.”
The price increases come at a time when streaming services, both audio and video, are under rising investor pressure to boost profitability. In recent months, several streaming services have announced layoffs or other cost-cutting measures.
It remains to be seen how Spotify’s price increases will be received by users. Some users may be willing to pay the higher price for the convenience of ad-free listening and unlimited skips. However, others may be turned off by the price increase and switch to a different streaming service.
Only time will tell how Spotify’s price increases will impact the company’s bottom line. However, the company’s decision to raise prices is a sign that Spotify is facing increasing pressure to improve its profitability.
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