Spotify Raises Plans Prices Across Several Countries 3x664n Technology News

Rivals services from Apple and Amazon.com and Tidal have all increased prices this year, while YouTube also hiked prices last week. 1n5a1v

By Reuters | Updated: 25 July 2023 01:05 IST

Spotify Raises Plans Prices Across Several Countries

The Sweden-based company is due to report its results for the second quarter on Tuesday 623j5t

Highlights

The move will result in a $1 price increase for Spotify's US s
Spotify has moved in recent months to boost margins
Spotify had also raised prices in 46 countries last year

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Spotify Technology on Monday raised prices for its plans across several countries including the United States and United Kingdom, as the music-streaming company looks to boost profitability in an uncertain economy.

The move will result in a $1 (nearly Rs. 80) price increase for Spotify's US plans, with the single now starting at $10.99 (nearly Rs. 900), duo at $14.99 (nearly Rs. 1,230), family at $16.99 (nearly Rs. 1,390) and the student plan at $5.99 (nearly Rs. 490).

Spotify has moved in recent months to boost margins with hundreds of layoffs and a restructuring of the podcast unit, which it had built up with billions of dollars in investment.

The price increases come at a time when streaming services, both audio and video, are under rising investor pressure to boost profitability after years of prioritizing growth.

Rivals services from Amazon.com and Tidal have all increased prices this year, while YouTube also hiked prices last week on its monthly and annual plans in the US for the first time since the subscription service was launched in 2018.

Spotify, which had indicated in April that it would raise prices in 2023, had also raised prices in 46 countries last year.

The Sweden-based company is due to report its results for the second quarter on Tuesday.

In India, Spotify costs Mini at just Rs. 7 per day, however it is only a one-time plan which can only connect a single mobile device at once. Other plans include the Individual plan at Rs. 119 per month, Duo at Rs. 149 per month and Family at just Rs. 179 monthly. All these three plans come with one month free trial.

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