Spotify, the world's leading music streaming service, has announced that it is raising the prices of its premium subscriptions in the UK and other markets. The price increase will take effect on August 1, 2023. In the UK, individual premium subscriptions will increase from £9.99 to £10.99 per month. Premium duo subscriptions will increase from £12.99 to £14.99 per month, and premium family subscriptions will increase from £15.99 to £17.99 per month. The student subscription price will remain unchanged at £5.99 per month. The price increase will also affect Spotify users in other markets, including the US, Canada, and 49 other territories. In the US, individual premium subscriptions will increase from $9.99 to $10.99 per month. Premium duo subscriptions will increase from $12.99 to $14.99 per month, and premium family subscriptions will increase from $15.99 to $16.99 per month. The student subscription price will remain unchanged at $4.99 per month.
In a statement, Spotify said that the price increase was necessary to "continue delivering value to fans and artists and to foster ongoing innovation within the platform." The company also said that existing subscribers would be given a one-month grace period before the new prices take effect.
The price increase comes at a time when Spotify is facing increasing competition from other streaming services, such as Apple Music and Amazon Music. These services have also raised their prices in recent months. It remains to be seen how the price increase will affect Spotify's subscriber growth. However, the company has said that it is confident that the value of its service will continue to outweigh the cost for most users. What do you think of the price increase? Will you continue to subscribe to Spotify?
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