Spotify is planning to increase prices for its individual Premium subscription plan in the US for the first time since its launch in 2011, The Wall Street Journal reported on Friday.
The one-dollar price hike, which would bring the subscription fee from $9.99 to $10.99 per month, is set to be revealed this week and is expected to be applied in other global markets in the upcoming months.
Spotify CEO, Daniel Ek has been expressing the music streaming service’s intentions to increase its subscription prices since April.
Spotify is not the only music streaming service to raise its prices to $10.99, Apple Music increased subscription prices last year, followed by Amazon’s Music Unlimited, while Tidal and YouTube Music had a price hike this month.
Spotify’s U.S. subscribers reached 44.4 million in February, according to data by The National Music Publishers’ Association (NMPA).
Apple Music reached 32.6 million, while Amazon Music Unlimited had 29.3 million, said the NMPA.
