Spotify Technology On Monday it raised the prices of its premium plans in several countries including the United States and the United Kingdom, as the music streaming company looks to boost profits in an uncertain economy.
The move results in a $1 (roughly Rs. 80) increase in the prices of the Sporth
Spotify has moved in recent months to raise the bar with hundreds of takedowns and revamp its podcast division, which has generated billions of dollars in sales.
The price hike comes at a time when streaming services, both audio and video, are under pressure to raise revenue to boost profits after years of prioritizing user growth.
Rivals meetings from apple and Amazon.com and Tidal have both raised prices this year, while YouTube also raised prices last week for its monthly and annual plans in the US for the first time since the subscription service was launched in 2018.
Spotify, which announced in April that it would raise prices in 2023, also raised prices in 46 countries last year.
The Swedish company is due to report its second quarter results on Tuesday.
In India, Spotify Premium costs Premium Mini at Rs. 7 per day, however it is a one-time plan that can only connect one mobile phone at a time. Other plans include the Premium Individual plan at Rs. 119 per month, Premium Duo at Rs. 149 per month and Premium Family at Rs. 179 per month. All three plans come with a one-month free trial.
© Thomson Reuters 2023