Spotify has announced an increase in the cost of Premium subscriptions in dozens of countries in South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.
The company sends emails to customers informing them of a price increase for their subscriptions. An example of such an email states that in one European country the price will increase by one euro, from €10.99 to €11.99. The amount of the increase will vary by region.
The price increase has not yet occurred in all markets - for example, in the US, an individual Premium subscription still costs $11.99 per month. In Ukraine, the price of an individual subscription also remains at $4.99.
Spotify attributes the price hike to the need to "continue to innovate" in product offerings and features to "provide the best experience for users." This is not the first price hike by the music service - the company regularly adjusts rates in different regions to maintain profitability.
The price hike comes amid fierce competition in the music streaming space from Apple Music, Amazon Music and YouTube Music. Spotify remains the market leader with over 600 million users, of which over 250 million have Premium subscriptions.