Spotify has confirmed that prices in the UK will be increasing from May.
The music streaming service has emailed customers about the upcoming price changes, which could be up to £2 more depending on the type of plan. This confirms previous rumours that Spotify was set to raise prices in five major regions in an attempt to increase long-term profitability.
• Individual – was £10.99 per month, now £11.99 per month
• Duo – was £14.99 per month, now £16.99 per month
• Family – was £17.99 per month, now £19.99 per month
The Student plan will not increase in price, staying at £5.99 per month. Existing customers will be sent an email giving them one month’s notice of the price changes, whereas new subscribers will be charged at the new price immediately.
There were also rumours of a new 'Basic' tier and the long-anticipated ‘Hi-Fi’ tier finally arriving, however, there has been no word on either of these plans yet.
Spotify had 236 million paying customers at the end of 2023. Despite this, the company has lost money every year since 2018 when it went public. Last year, more than $9 billion from $13.2 billion in total revenue was paid to record labels.
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