Spotify Technology SA (NYSE:SPOT) has upped the price of its subscription service for the first time in the music streaming group’s history.
In the UK, a single-account subscription jumped from £9.99 per month to £10.99.
The group’s duo and family plan has also increased by an extra £1 every month.
Over in the US new plans will cost; premium single US$10.99, premium double US$14.99 and premium family US$16.99.
Prices for student plans will not be affected.
Spotify said in a company statement the price hikes would help it “keep innovating” and would “deliver value to fans and artists”.
The Swedish-based service has introduced a series of cost-saving methods during 2023 including cutting jobs and terminating Harry and Meghan’s podcast deal.
In April, the group said monthly active users had jumped by 22% year-on-year, but issues in the advertising industry meant revenues came in slightly below both company and analyst predictions.