It's official: Streaming music through Spotify Technology SA is about to get more expensive.
The company confirmed Monday plans to boost the prices of its Premium ad-free options in many markets. Spotify SPOT has long offered its premium individual plan for $9.99 a month, but it’s bringing that monthly price up to $10.99 as part of its changes.The company confirmed Monday plans to boost the prices of its Premium ad-free options in many markets. Spotify SPOT has long offered its premium individual plan for $9.99 a month, but it’s bringing that monthly price up to $10.
The price of a Premium Duo plan is going up by $2, to $14.99 a month, while the price of a Premium Family plan is going up by $1, to $16.99 a month. The company said it will notify subscribers of the upcoming price increase via email and give them a one-month grace period before the change takes effect.
Rival Apple Inc. debuted similar price hikes back in October. Around that time, Spotify Chief Executive Daniel Ek hinted that Spotify was interested in raising its prices as well, saying that the company had “significant pricing power.”Don’t miss: Streaming nirvana is about to become more expensive — and offer less content
Shares of Spotify were off nearly 6% in Monday morning trading and on track for their third straight session of declines.
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Spotify is hiking its prices | CNN BusinessSpotify is the latest streaming service to hike its prices.
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Report: Spotify to raise price of premium planThe Wall Street Journal, citing anonymous sources, is reporting the announcement is expected to be announced next week.
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Spotify raises the price of its Premium plans | EngadgetIt follows the lead of other music streamers' recent increases..
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It’s Spotify’s turn to increase pricesAfter Apple, Amazon, Tidal, and YouTube Music Premium.
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