Spotify raises prices in a bid to boost profits
Spotify has raised its prices for the first time in the UK to boost profits.
The Swedish music streaming company will charge £10.99 a month for its premium service, instead of £9.99.
It will also increase family subscriptions by £1 a month to £17.99.
The Swedish music streaming company will charge £10.99 a month for its premium service, instead of £9.99.
Spotify, which has 200 million paying subscribers around the world who stream music from the likes of Adele, Ariana Grande and Taylor Swift, said the increases would affect several markets, including the United States and the United Kingdom.
The company has struggled to turn a profit due to rising content costs, slowing advertising and intense competition.
Earlier this year, Spotify CEO Daniel Ek said it was looking to increase prices in more countries after raising subscription fees in 46 markets through 2022.
He admitted he had made some mistakes during his £1bn-plus spending spree on podcasting, which included investing heavily in Prince Harry and Meghan’s Archetypes podcast.
In June, the company said it would cut 200 jobs at its podcasting unit, adding to the hundreds that had already been laid off.
Rivals like Apple Music and Amazon Music Unlimited have also raised prices in recent months.
