SPOTIFY is set to hike its prices again for their millions of worldwide listeners next month.
The price of its monthly premium individual subscription will increase from September in select markets.
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The Swedish streaming giant made the announcement on Monday, with subscribers expected to receive an email update explaining the price rise over the next month.
Premium individual subscriptions will rise from 10.99 euros to 11.99 euros per month.
This will occur in markets including South Asia, the Middle East, Africa, Latin America and the Asia-Pacific region.
Spotify achieved its first annual profit for 2024, which can be linked to its previous price increases, as well as cost-cutting efforts in recent years.
The company’s shares have jumped by nearly 8 per cent this year, and they have gained about 40 per cent so far this year.
The number of monthly active users and premium subscribers also increased over the second quarter.
However, the company reported a loss during the period due to high taxes related to employee salaries.
The price hike comes just months after Spotify showed developments on its “lossless audio” feature which is expected to make bills more expensive.
It hopes to make songs sound even better for an extra fee for listeners.
Last week, it was also revealed the company is making strict changes to its music app that could see some accounts deleted due to new UK age checks.
Spotify has started showing popups asking people to confirm their age to access certain content made for adults, such as 18+ music videos.
Users can confirm their age by sharing a selfie or their ID, a move which is compliance with new laws of the Online Safety Act.
It is designed to protect children from easily stumbling across inappropriate material on the internet.
A growing number of creators also are said to be joining the Spotify Partner Program.
The programme is designed to help offer podcast creators more options for monetising their content.
It has has also enabled the significant increase in video content on the platform for subscribers, according to CEO Daniel Ek.
SAVE MONEY ON SPOTIFY
One of the best ways to save money on Spotify is sharing.
With a Premium Family subscription, you and five others can share the cost.
You each get your own Spotify account with your own playlists and everything else, it’s just billed from one place.
To use Premium Family you have to all be living under the same roof.
The plan currently costs £19.99.
If you split that six ways, you’re looking at £3.33 each, which is a lot less than paying for your own individual subscription at £11.99.
Image credit: Getty
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