Spotify Know-how on Monday raised costs for its premium plans throughout a number of international locations together with the US and United Kingdom, because the music-streaming firm appears to be like to spice up profitability in an unsure financial system.
The transfer will lead to a $1 value enhance for Spotify’s US plans, with the premium single now beginning at $10.99, duo at $14.99, household at $16.99 and the coed plan at $5.99.
Spotify has moved in latest months to spice up margins with tons of of layoffs and a restructuring of the podcast unit, which it had constructed up with billions of {dollars} in funding.
The worth will increase come at a time when streaming providers, each audio and video, are beneath rising investor stress to spice up profitability after years of prioritizing consumer progress.
Rivals providers from Apple and Amazon.com and Tidal have all elevated costs this 12 months, whereas YouTube additionally hiked costs final week on its month-to-month and annual premium plans within the US for the primary time because the subscription service was launched in 2018.
Spotify, which had indicated in April that it could increase costs in 2023, had additionally raised costs in 46 international locations final 12 months.
The Sweden-based firm is because of report its outcomes for the second quarter on Tuesday.