Spotify is planning to increase the price of its Premium plan based on a report by the Wall Street Journal.
Starting with the U.S next week, Spotify is expected to raise the subscription rate by US$1. The current subscription fee for the Premium plan is S$9.99/month (individual). The price hike is also coming to several other markets "in the coming months".
Spotify's move comes about 9 months after Apple raised the price of Apple Music from S$9.98 to S$10.98. Apple attributed the price hike to the increase in licensing costs.
Besides raising the price of its Premium plan to boost profitability, Spotify is said to be launching a new premium tier (internally known as Supremium) that supports HiFi audio.
Source: Wall Street Journal via 9to5Mac
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