Spotify hikes prices for premium subscription plans globally

Music streaming giant Spotify has announced it is raising its premium subscription prices across a number of markets around the world.

"The market landscape has continued to evolve since we launched. 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," Spotify said in a blogpost on Monday.

In the US, Spotify's Premium Individual plan now costs $10.99, up from $9.99, and the Premium Duo plan has increased to $14.99 from $12.99.

The Premium Family plan will now be priced at $16.99, up from $15.99, and the Student plan will cost $5.99, up from $4.99.Apart from the US, Spotify is increasing prices in 53 other countries, including Canada, France, the UK, Mexico and Australia.

Moreover, the music streaming giant said that the existing subscribers will be notified about the price changes via email and be given a “one-month grace period” before the new prices go into effect.

Last fall, Apple Music had hiked its subscription fee for individuals to $10.99 per month, with the family plan increasing to $16.99/month, among other changes.

Amazon Music Unlimited also hiked its monthly rate to $10.99 (for non-Prime members).

Last week, Google-owned YouTube increased the price of a Premium individual plan by $2 in the US for new and current customers.

Users will now have to pay $13.99 per month instead of $11.99.The plan will cost $18.99 if users are subscribing from the iOS YouTube app.