Talking of Spotify, the international streaming platform has announced plans to increase the prices of its premium subscription packages in the United States.
The company says it is raising prices by $1 which means the monthly premium package will now cost $11.99 monthly, while the ‘Duo plan’ will be raised by $2, reaching $16.99 per month.
The new increment comes several months after the company announced its major price adjustment in over 10 years. During its first pricing window, the premium streaming plan went up to £10.99 per month in the United Kingdom and up to $ 11 monthly in the United States
With the recent price increase, other packages like the ‘family plan’ will be pegged at $ 19.99 per month. The package for students is, however, said to remain at a discount price of $5.99.
Spotify had previously justified its new prices, saying it intended to “keep innovating and delivering value to fans, the music industry, and creators” on the platform.
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In April this year, Spotify reported over €1 billion (£860 million) in profit after it undertook some structural adjustments in its operations, including laying off staff and other “brand-cutting efforts.”
Subscribers on the platform were reported to have reached 615 million as the company continued to introduce innovative products.
Part of the innovation includes giving users more privileges when listening to their preferred songs on the platform. The new feature, which was being rolled out, would allow users to slow down, speed up, and remix songs on the platform.
The feature being experimented with, according to reports, would allow users to edit and create modified versions of songs that they could add to their playlists on Spotify.
