July 24 (UPI) — Audio streamer Spotify said on Monday it was increasing the prices of its premium services in the United States and in many of its outlets overseas.
Spotify announced in a blog post that its Premium plan will increase to $10.99 for one user, up from $9.99. The cost of a Premium Duo plan, which allows for two accounts, was increased to $14.99 from $12.99 while a Premium Family plan that provides up to six accounts was priced at $16.99 up from $15.99.
The price for its plan for students was also bumped up to $5.99 from $4.99.
“The market landscape has continued to evolve since we launched,” Spotify said in its statement. “So that we can keep innovating, we are changing our Premium prices across a number of markets around the world. These updates will help us continue to deliver value to fans and artists on our platform.”
In addition to the United States, affected nations include France, Britain and Australia, among others.
In January, Spotify announced it was cutting its workforce by 6%, saying it wanted to improve its efficiency, resulting in 600 terminations. Spotify’s announcement is the latest in a series of layoffs by some of the tech sector’s most successful players as inflation and recession worries hit consumer and corporate spending.
Last week, Netflix removed its cheapest ad-free content plan in both the United States and Britain. The company said existing customers with its basic commercial-free programming package will continue receiving it until they cancel or switch plans.