Spotify Raises Premium Subscription Prices Across the Globe

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.