Spotify Technology on Monday raised costs for its premium plans throughout a number of international locations together with the United States and United Kingdom, because the music-streaming firm appears to enhance profitability in an unsure economic 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 value will increase come at a time when streaming companies, each audio and video, are below rising investor strain to spice up profitability after years of prioritizing person development.
Rivals companies from Apple and Amazon and Tidal have all elevated costs this yr, whereas YouTube additionally hiked costs final week on its month-to-month and annual premium plans within the US for the primary time for the reason that subscription service was launched in 2018.
Spotify, which had indicated in April that it might elevate costs in 2023, had additionally raised costs in 46 international locations final yr.
The Sweden-based firm is because of report its outcomes for the second quarter on Tuesday. Shares have been down 5% on Monday.
