Urgent warning for all Spotify customers over ‘first-ever price rise for individual users next week’

SPOTIFY has announced a big change that will impact its customer base, revealing that they’d be hiking their prices for the first time in the company’s history.

The company’s announcement hasn’t been made official yet, but the new price is expected to impact all individual premium plans.

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Spotify‘s new premium subscriptions are expected to rise a dollar in the coming week, per The Wall Street Journal.

The price is rising from $9.99 a month to $10.99 a month in the U.S.

Other price increases will likely roll out in other countries in the coming months.

Spotify has yet to make a statement on the matter, so it’s unknown if the price rise will affect artists’ profits.

This marks the first time that individual subscription plans are affected since Spotify launched twelve years ago.

It isn’t the first time they’ve hiked prices though.

In 2021, users of Spotify’s Family plan experienced a hike of one dollar, with membership plans rising from $14.99 a month to $15.99.

In April of this year, Spotify made it clear that price rises were in their plans.

The company’s chief executive Daniel Ek revealed that raising prices was something that was in discussion with the company’s stakeholders.

“I think we are ready to raise prices, I think we have the ability to do that, but it really comes down to those negotiations,” said Ek to Billboard.

“I feel really good about our ability to raise prices over time—that we have that ability—and we have lots of data now that backs that up,” he continued.

“We may have been marginally helped by being a lower-cost provider, but it isn’t a primary part of our strategy and it’s not something that we’re thinking about.”

“Instead, we’re working with our label partners to work … to figure out what’s the best opportunity to do that.

And that’s a more complex trade. When the timing’s right we will raise it.”

Over the past year, competitive music streaming companies like Amazon Music, Tidal, and Apple Music all raised their membership prices.

Apple Music claimed that these changes were due to more expensive “licensing costs.”