Spotify is to raise the price of its main monthly subscription plan as it became the latest streamlining business to pass increases onto customers.
The Sweden-based music streaming service said other plans would also experience price rises, with the single-account premium plan seeing a price increase in various nations, including the UK, for the first time since 2011.
The monthly membership price for its individual plan in the UK will rise by £1 per month, reaching £10.99.
The premium pair and family plans will cost £14.99 and £17.99, respectively, while the student service will continue to cost $5.99 per month.
According to Spotify, customers in the US, Australia, and other nations will similarly see price increases.
Due to customers cutting back on subscriptions due to tighter household budgets, streaming companies are under pressure to increase earnings.
Earlier this year, the technology company announced intentions to slash 600 positions and restructure its podcast division in an effort to save money.
The business celebrated a “very strong” performance on Tuesday for the second quarter of 2023.
In the most recent quarter, Spotify said that the number of its monthly active users increased by 27% to 551 million, above analyst estimates.
The sum of all revenues increased by 11% to $3.17 billion ($2.47 billion).