Spotify is one of the largest audio streaming service providers, with over 500 million monthly active users, including 210 million paying subscribers, as of March 2023. The popular streaming service has announced that it will be hiking prices which will take effect on Monday July 24 for new subscribers, and current customers would have 1 month before the changes are applied to their account.
The price hike will vary depending on the subscription plan. The monthly price of the Premium Individual plan will increase from $9.99 to $10.99; the monthly price of the Premium Family plan will increase from $14.99 to $15.99, and the monthly price of the Premium Duo plan will increase from $12.99 to $14.99.
Spotify has cited a number of reasons for the price hike including market conditions, and that it will help them continue to deliver value to fans and artists on the platform.
This price hike is a sign of the growing cost of audio streaming and as it continues to rise, it is likely that other streaming services will also raise their prices in the future.
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