Spotify is increasing the cost of its single-account premium plan for the first time since 2011 and also increasing the prices of other services.
In the UK, individual plan subscriptions will increase by £1 per month to £10.99, while premium duo plans will cost £14.99 and family plans £17.99 each month.
The cost of a student plan will stay at £5.99.
Other streaming services have likewise raised their subscription fees.
Price increases of the same amount have also been witnessed in the US, Canada and the other 49 territories.
In the US, the cost for an individual plan will be increasing from $9.99 to $10.99 (£8.57).
The cost of the premium duo service is going up from $12.99 to $14.99, and the family plan from $15.99 to $16.99. The student plan's price is moving from $4.99 to $5.99.
Spotify announced in their latest financial results that they exceeded expectations by attaining 36 million monthly active users between April and June, resulting in 551 million total. Of these, 220 million pay for subscriptions.
Yet, the pre-tax losses of the company grew to €241m (£207.3m) in the three months, compared to the €90m deficit during the prior year's corresponding period. Although sales increased to €3.1bn, it fell short of analysts' expectations of €3.2bn.
On Monday, Spotify declared an increase in prices so that it could go on delivering benefits to its consumers and musicians through its platform.
Spotify declared that those impacted by the price change will have one month of time before the revised cost becomes applicable, so long as they don't opt out before the grace period is over.
In January, the music giant eliminated 6% of its staff members in order to increase effectiveness.
Spotify has been shifting away from its heavy investment in major star endorsements and costly exclusive content, resulting in the cancellation of the Duchess of Sussex's podcast.
Last year, Meghan and Prince Harry entered into an agreement that allegedly had a value of approximately $20m.
The duke and duchess's Archewell Audio finished their partnership with Spotify last month in what was reportedly an agreed-upon decision.
A transaction that included Barack and Michelle Obama's production company expired last year.
At an April earnings call, Daniel Ek, the CEO from Sweden, expressed the company's wish to implement a price increase in 2023.
Mr Ek declared that when the time is appropriate, they will raise the price, and that this would be accepted by customers because they are providing a lot of benefit.
The 2021 prices for US family plans and UK student, duo, and family plans have all increased by the company. However, individual subscriptions have yet to experience any changes in cost.
Apple Music, Peacock, Netflix, Max, and Paramount+ have seen an uptick in their subscription charges.
The price of Spotify Premium is the same as the monthly charges of its rivals Apple Music and Amazon Music.
The company plans to keep its free plan with advertisements.
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