Spotify Technology (NYSE:SPOT) has confirmed prices for its premium streaming service will soon rise for the second time in under a year.
Reports last week said the music streaming group intended to raise prices in five markets including the UK, the US and Australia.
The Swedish company has now verified that news, saying all three premium subscription tiers in the UK are going up, with an individual plan to rise by 9% to £11.99 a month, Duo plans by 13% to £16.99 and family plans 11% more to £19.99 a month.
An email was sent to customers yesterday informing them of the price hikes, which will come in to effect next month.
“'Starting on your billing date in May, your subscription price will change,” says the message.According to Bloomberg, Spotify wants the additional cash to cover the cost of free audiobooks to premium customers.
Spotify has more than 600 million users currently split between premium and free access listeners who receive adverts.