Spotify Is , Raising Its Prices.
Beginning July 24, new subscribers
will have to pay $10.99 a month for Spotify's ad-free premium plan, CNN reports.
Current subscribers will receive a "one-month grace period before the new price becomes effective," the company said.
The streaming service's other tiers will also cost an additional $1 each month, with the exception of Duo, which will be $2 more.
The free plan, which includes ads,
will still be offered.
Spotify says that the price increases
"will help us continue to deliver value
to fans and artists on our platform.".
Company shares rose 1% in premarket
trading on July 24, CNN reports.
A recent earnings report revealed that Spotify's global users increased
15% year-over-year.
However, it also sustained an
operating loss of $173 million and let go
of 6% of its workforce earlier in 2023.
Other streamers to have raised their
prices in recent months include Disney+,
Max, Netflix, Paramount+ and Peacock.