Spotify is raising prices for its subscription plans across several countries, including Canada.
The move will result in a $1 price increase for a number of plans, including the premium individual plan, which will increase to $10.99 a month, the family plan to $16.99 and the student plan to $5.99. Spotify’s duo plan has increased by $2 to $14.99 a month.
Previously, the price for the individual plan was $9.99 per month, $12.99 for duo, $15.99 for family and $4.99 for students.
Spotify said in a news release Monday that the “market landscape” has continued to evolve since it launched in 2008.
In an email to some customers, Spotify said it’s raising prices “so that we can continue to invest in and innovate on our product offerings and features, and bring you the best experience.”
Spotify has moved in recent months to boost margins with hundreds of layoffs and a restructuring of the podcast unit, which it had built up with billions in investment.
The price increases come at a time when streaming services, both audio and video, are under rising investor pressure to boost profitability after years of prioritizing user growth.
Rivals Apple, Amazon and Tidal have all increased prices this year, while YouTube also hiked prices last week on its monthly and annual premium plans in the U.S. for the first time since the subscription service launched in 2018.
Spotify, which had indicated in April that it would raise prices in 2023, also raised prices in 46 countries last year.
Shares of the Sweden-based company were down Tuesday morning after it reported a bigger-than-expected loss and missed revenue estimates for its second quarter.
— with files from Reuters