Spotify premium prices to increase this month
Next month, the Swedish streaming giant will increase the price of its individual premium service plan from £10.99 to £11.99
Spotify is set to raise its premium prices at the end of this month.
Following its recent move to demonetise tracks with under 1,000 streams, the Swedish streaming giant will now be increasing the price of its individual premium service plan in numerous regions. In the UK, this will result in the cost going up by 9% per month, from £10.99 to £11.99.
The price adjustment is scheduled to take effect from next month. In a statement shared with customers, Spotify shared: "Starting with your billing date in May, your subscription price will be adjusted from £10.99/month to £11.99/month. This adjustment is aimed at ensuring we can continue delivering the best experience to our users. You will still enjoy the benefits you currently cherish, such as ad-free music listening and offline downloads."
Spotify also announced that Premium Individual subscribers will gain access to new features, including AI DJ and the ability to host real-time listening sessions with friends and family by initiating a "Jam session" on both mobile and desktop platforms.
Speaking to City A.M., a spokesperson for Spotify said: "To maintain innovation and provide value to our users, the music industry, and creators, we periodically update our prices."
According to a report by Bloomberg, the price hike will also be implemented in four other key markets, including Australia and Pakistan, by the end of April. Citing sources familiar with the matter, Bloomberg mentioned that the price adjustment will reach the US, Spotify's largest market, "later this year".
Bloomberg's report also indicated that the price increase aims to cover the costs associated with offering audiobooks, a feature introduced by the service late last year. Per The Verge, customers who acquire their audiobooks elsewhere can opt for Spotify's upcoming "basic" plan at the current price while still receiving access to music and podcasts.
In addition to the price increase, Bloomberg highlighted Spotify's development of a "supremium" plan, which is expected to offer high-fidelity audio and other premium features at a higher price point.
Last month, James Blake announced his affiliation with a new music platform, Vault. Presented as an alternative to streaming, the platform aims to give fans exclusive work from artists they follow in return for a monthly fee.
