Starting from now, Spotify Premium subscribers in the UK and US will have to pay an additional £1 or $1 per month, respectively, for their subscription.
This increase applies to individual plans as well as various plans for multiple users. In the UK, an individual Premium plan will now cost £10.99 per month. Duo subscriptions, which cater to two users, will be priced at £14.99, and Family plans covering up to six people will be priced at £17.99. Student subscriptions, however, will remain unchanged at £5.99 per month.
In the US, individual Premium plans will increase from $10 to $11 per month, Duo plans from $13 to $15, Family plans from $16 to $17, and student plans from $5 to $6.
Reasons for the Price Increase
Spotify’s decision to raise subscription prices is driven by a combination of factors. The company acknowledges the ever-changing and developing market and the need to keep innovating to provide the best possible experience for its users. In a blog post, Spotify stated that the price increase would help them continue delivering value to both fans and artists on their platform. Record industry pressure has also played a role in this decision.
What Does This Mean for Subscribers?
The price increase will affect Spotify Premium subscribers in the UK and US, who will now have to allocate an extra £1 or $1 per month for their subscription. Spotify has provided a one-month grace period before the new prices take effect and during this grace period, subscribers will have the option to cancel their subscription if they find the price increase unfavourable.
This means that the price increase brings Spotify’s Premium subscription costs in line with those of its competitors, such as Apple Music and Amazon Music Unlimited.
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Spotify CEO Daniel Ek has expressed the company’s intention to raise prices even more, in the future. During an earnings call in April, Ek indicated that price increases would likely happen in 2023, emphasizing that the timing must be right and that customers would eventually see the value for their money spent, implying that his vision for the future indicates many new exciting features.
Comparison with Other Streaming Services
Spotify’s decision to raise subscription prices aligns with similar moves made by other streaming services. Netflix and Apple Music, among others, have recently increased their subscription costs. Spotify aims to stay competitive in the streaming market, where innovation and delivering value to customers are key.
Freemium and Trial Options
Even though Spotify Premium subscribers will experience a price increase, the free version of Spotify will still be available. The free version allows users to access the platform with occasional advertisements. Spotify also continues to offer a 30-day free trial for users who wish to experience the benefits of the Premium subscription without any cost.
Spotify has reported an impressive global user base of 515 million in over 180 markets, and about 41% of these users are paying for the Premium subscription. This goes to show the popularity and demand for Spotify’s ad-free and offline listening features.
With the price increase, Spotify aims to maintain its growth while continuing to prove a user friendly and worth while audio streaming experience to its subscribers.
