Spotify has increased the price of its subscription plans in several countries, including Canada.
This move will increase the price of many plans by $1, including the Premium Individual plan at $10.99 per month, the Family plan at $16.99, and the Student plan at $5.99. Spotify’s Duo plan has increased by $2 to $14.99 per month.
Previously, the individual plan was priced at $9.99 per month, the duo plan at $12.99, the family plan at $15.99, and the student plan at $4.99.
Spotify Addresses Artist Backlash Over Misinformation About COVID-19 On Platform
Spotify said in Monday’s news release Since its launch in 2008, the “market landscape” has continued to evolve.
In an email to some customers, Spotify said it was raising prices “to continue to invest and innovate in our products and features to provide the best possible experience.”
In recent months, Spotify has tried to boost its margins by cutting hundreds of jobs and restructuring its podcasts division, which it invested billions of dollars in.
Joe Rogan Addresses Spotify Controversy
The price hike comes amid growing pressure from investors to boost profitability after years of audio and video streaming services prioritizing user growth.
Nearly 15% of Canadian AIDS conference attendees apply for asylum
Two women found dead after hiking in Nevada’s Valley of Fire in scorching heat
Rivals Apple, Amazon and Tidal have all raised prices this year, and YouTube last week raised prices for its monthly and annual premium plans in the US for the first time since it launched its subscription service in 2018.
Spotify said in April it intended to raise prices in 2023, and last year it did so in 46 countries.
Shares of the Swedish-based company fell Tuesday morning after it reported a higher-than-expected loss and underperformed second-quarter sales expectations.
— with files from Reuters
© 2023 Global News, a division of Corus Entertainment Inc.