Music streaming service Spotify has announced it will increase its pricing for the first time in more than a decade.
Spotify’s leadership said it would be increasing its pricing for premium services, which have more than 200 million subscribers globally, according to a statement published Monday. Existing and new subscribers in the U.S. will now pay $10.99 per month for the service. Premium Du0 prices will rise to $14.99, family plans will increase to $16.99 and students will pay an additional $1 for their premium accounts.
Canada, Britain and 49 additional territories will also have to pay more for the music they love, according to the BBC. The hike is the first in more than a decade. Spotify recently announced it beat forecasts and added 36 million active users between April and June 2023.
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“So that we can keep innovating, we are changing our Premium prices across a number of markets around the world,” the company wrote in its statement. “These updates will help us continue to deliver value to fans and artists on our platform.” (RELATED: Spotify To Begin Laying Off Podcast Staffers)
Along with the price hikes, Spotify also cut 6% of its staff in January over an alleged need to increase efficiency, the BBC reported. The leadership also started cutting high-paid celebrity deals, such as a $20 million deal with Prince Harry and Meghan Markle.