Spotify announces first price hike in more than a decade

Spotify has announced it will be increasing the price of its premium service by $1 to 12.99/month.

The music streaming giant said existing premium plan subscribers would be notified via email as to when the increase begins.

Users will then be given a one-month grace period before it becomes effective, unless they cancel before the period ends.

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The price increase is the first for the company since 2011.

It is expected to impact subscribers worldwide.

“The market landscape has continued to evolve since we launched,” Spotify said in a release.

“So that we can keep innovating, we are changing our Premium prices across a number of markets around the world.”

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