Audio-streaming platform Spotify increases premium plan prices in dozens of markets
on Monday raised prices for its premium plans across several countries including the United States and United Kingdom, as the music-streaming company looks to boost profitability in an uncertain economy.
The move will result in a $1 price increase for Spotify's U.S. plans, with the premium single now starting at $10.99, duo at $14.99, family at $16.99 and the student plan at $5.99. Spotify has moved in recent months to boost margins with hundreds of layoffs and a restructuring of the podcast unit, which it had built up with billions of dollars in investment.
Small figurines are seen in front of displayed Spotify logo in this illustration taken February 11, 2022. REUTERS/Dado Ruvic/Ilustration/File Photo The price increases come at a time when streaming services, both audio and video, are under rising investor pressure to boost profitability after years of prioritizing user growth.
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