Spotify is expected to raise its subscription price in the United States by next week.
Reports from Wall Street Journal showed that the company has been under pressure from its investor to boost the company's profitability.
Although no official announcement have been made by Spotify, the company had already hinted the possibility of subscription increase as early as 2022.
Spotify's Price Hike
Currently, Spotify's ad-free premium plan costs $9.99 for 1 account, monthly. However, the planned hike is set to increase the price by $1, making it $10.99 per monthly subscription.
Meanwhile, the Duo plan is currently priced at $12.99, Family plan at $15.99, and Student plan at $4.99.
Plans for global price hike has yet to be announced but experts are weighing that once the US hike rolls out, Spotify will also implement the same increase on the global market.
Apple Music, Amazon Music and other music streaming apps have already raised their subscription price earlier this year.
Spotify Leading the Streaming Services
Spotify reportedly has 515 million monthly active user during the first quarter of 2023.
Premium subscribers are at 15 percent, amounting to 210 million subscribers.
Spotify offers variety of listening materials from music, podcast, and audiobooks.
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