Spotify is planning to increase the cost of its premium streaming plan by $1 per month, according to sources cited by the Wall Street Journal on Friday.
This move by the streaming behemoth comes as it seeks to stay competitive in an increasingly crowded streaming market, taking a leaf from the books of Netflix and Peacock who’ve made similar price adjustments.
The proposed price increase would bring the monthly cost of Spotify’s individual “Premium Plan” up to $10.99 in the US. Note that this is not the same pricing as Pakistan since the music service is much cheaper in our country. There is no info on whether Pakistan will get a price increase too, but it will likely be smaller than the US.
One of the Many
This is just the latest instance of streaming services, such as Netflix, YouTube, and Apple among others, upping their prices as the streaming industry continues to grow.
This week, YouTube Music also joined the bandwagon by raising the cost of its individual music plan from $8.99 to $10.99 per month. In a similar move, Spotify’s competitor, Apple Music, hiked its prices in October by $1 for individual plans and $2 for family plans, bringing them to $10.99 and $16.99 per month, respectively.
Netflix, on the other hand, made changes to its subscription model this month, discontinuing its most affordable ad-free plan for new customers in the U.S. and U.K. This move was designed to steer new subscribers towards more costly ad-free plans or a less expensive plan accompanied by ads, a step that Netflix had earlier vowed to avoid.
Via: Forbes
