Spotify announces it will increase the price of its premium service by $1 to $10.99.
The music streaming giant said existing premium plan subscribers would be notified via email of when the increase would kick in, and be given a one-month grace period before it becomes effective unless they cancel before the grace period ends."The market landscape has continued to evolve since we launched," Spotify said in a release. "So that we can keep innovating, we are changing our Premium prices across a number of markets* around the world.
In addition to being advertisement-free, Spotify Premium gives users an unlimited number of individual songs to play at will.Spotify was planning a new super-premium tier that would include hi-fi audio.it would be increasing the price of its individual YouTube Premium plan by $2 to $13.99 per month and of its YouTube Premium Music service by $1 to $10.99 per month. Apple and Amazon have also increased the price of their music subscription services in the past year.
In April, Spotify reported hosting more than 500 million users. However, fewer than half of those represented paid subscribers, with one tech news outletFollowing Monday morning's announcement, Spotify's stock fell as much as 5%. The company is expected to report earnings Tuesday.
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