Overview
- Spotify increased the monthly cost of premium plans by $1-2, marking the service's first price hike in over a decade.
- The increases affect Premium plans in the US, UK, Europe, and other major markets, bringing Spotify's pricing in line with competitors.
- Spotify cited rising costs and the need to deliver value as reasons for the price hikes.
- The streaming service saw strong growth in Q2 2022, exceeding expectations with 220 million premium subscribers globally.
- Spotify expects the price increases to have a minimal impact on subscriber growth in the near term.