Spotify raises the cost of its Premium Plan to $10.99 per month

Just a few days back, we learned about the price increases imposed by iCloud storage and YouTube Premium. As of now, we have encountered another price hike in one of our favorite services. According to some recent pieces of information, Spotify will increase the cost of the Premium Plan to $10.99/month. It is an increment from the previous $9.99 per month. The company declares that the new prices are applicable to users in the UK, the US, the EU, and the other accompanying regions.

The company has announced the new changes in a post. The post reads that to keep up the level of innovation the prices will increase across different markets all around the globe. The company declares that the updates will help the company provide valuable experience to users as well as artists on the platform.

In addition to the Premium Plan, the company has also introduced a price hike in its Duo plan. Notably, the price of the Duo plan increased from $12.99 to $14.99. side by side the Family plan observes a price hike of $16.99 per month in contrast to the previous $15.99. Moreover, the Student plan is also affected by the recent changes. It will now cost $5.99 per month.

Existing Spotify customers in the impacted markets will be informed through email about the implications of these changes to their accounts. A corporate FAQ states that there will be a one-month grace period for current subscribers before the new cost kicks in. Well, the recent price increase by Spotify is not surprising at all since various other music streaming services like Apple Music, Amazon Music, and YouTube Music Premium have also raised their prices. Back in October, the price of the premium plan of Apple Music increased to $10.99, it totals to around $109 per year.