Streaming service Spotify has announced an increase in the cost of an individual tariff plan without advertising, to which 200 million people have subscribed.
This financial decision to increase the cost of using a package of services that does not require listening to advertising audio materials is the first such measure in more than ten years. The cost of the tariff plan in the USA will increase by $ 1 and will amount to $ 10.99. This change in cost concerns users who have subscribed to an individual client solution.
The $1 change in value is also relevant for Australia, the UK, Canada, and 49 other countries. In a certain sense, this Spotify decision is a reflection of the general trend in which many streaming services are revising their pricing policy, increasing the cost of services provided to customers.
Last Monday, July 24, the company commented on the increase in the price of using the tariff plan without advertising, stating that the firm needs this measure to be able to continue implementing innovative solutions on a virtual platform. The company also stated that this decision will continue to benefit artists and fans of their work.
In the USA, the cost of the Premium Duo tariff plan will increase from $12.99 to $14.99, the family tariff plan will rise in price from $15.99 to $16.99. The price of using the student package of services will increase from $4.99 to $5.99. In this case, the amount of the monthly fee is implied.
Premium subscribers in the UK will pay an additional 1 pound sterling per month ($1.28).
Spotify also reported that before the start of the new pricing policy in practice, users will be given a grace period of one month if they do not cancel their subscription before the expiration of this term.
The company has previously increased the cost of family tariff plans in the US and tariff plans for students, duos, and couples in the UK in 2021. This decision of two years ago did not affect individual packages of services.
Apple Music, Peacock, Netflix, Max, and Paramount+ have also revised their policies. The result of these actions was the decision to increase the cost of services.
The new cost of Spotify Premium corresponds to the monthly tariff plans of Apple Music and Amazon Music.
As we have reported earlier, Spotify Takes Down AI-Generated Music.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
