The price rises coincide with increased investor pressure on streaming services, both audio and video, to increase profitability after years of putting user growth first.
In an effort to increase profitability in an unsteady economic climate, Spotify Technology on Monday increased the cost of its premium plans in a number of nations, including the US and the UK.
Due to the change, Spotify’s U.S. plans will cost $1 more; the premium single now costs $10.99, the duet $14.99, the family $16.99, and the student plan $5.99.
With hundreds of layoffs and a restructure of the podcast division, which it had invested billions of dollars in building up, Spotify has taken action in recent months to increase margins.
The price rises coincide with increased investor pressure on streaming services, both audio and video, to increase profitability after years of putting user growth first.
Apple, Amazon.com, and Tidal have all raised pricing this year, while YouTube raised costs on its monthly and annual premium plans in the United States last week for the first time since the subscription service started in 2018.
Spotify, which announced in April that it would raise pricing in 2023, did so in 46 countries last year.
The Sweden-based company is scheduled to release its second-quarter earnings on Tuesday.
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