Spotify have confirmed that they will be increasing their monthly premium membership by over 9%.
The streaming platform has revealed that their subscription will increase to £11.99 per month in the UK, and $12 in the US.
According to reports, Spotify plan to increase its subscription price in five markets, including the UK, Australia, and Pakistan. They will also increase their price in the US later this year.
A spokesperson for Spotify explained that this price hike was done “so that we can keep innovating and delivering value to fans, the music industry, and creators on our platform, we occasionally update our prices”.
“We’ve begun communicating with existing subscribers in the UK to explain what this means for their account”, they added.
Huge Streaming Increase
This spike in price by Spotify comes ahead of a huge increase in music streaming.
Last year, the BPI (British Photographic Industry) had also measured 179.6bn streams in the UK, double the figures from 2018.
While the IFI (International Federation of the Phonographic Industry), also added that approximately 67% of the global music industry revenue was made up by streaming platforms.
Last Summer, Spotify had announced an increase in subscription prices for the first time in 10 years since they launched the site.
This increase saw the price move up to £10.99 monthly, an increase from £9.99 per month in the UK. While in the US, the premium subscription also increased from $10 to $11.
Last year, Spotify also became the first streaming service to surpass 200 million paid subscribers. More on this here.
