Heads up, Spotify users!
On Tuesday, Oct. 3, the music streaming platform announced an increase in its premium prices starting later this year.
According to Spotify, current premium users would have to pay the original price of their chosen subscription plan until their billing date in December—the same month that the price adjustment will be implemented.
The premium subscription for individual users will cost P149 (from P129) per month. Family users, meanwhile, would have to pay P239 instead of P194 monthly.
In April this year, Spotify CEO Daniel Ek said that Spotify was "ready to raise prices" of its monthly subscription plans following its increase in revenues and users.
At the time, however, Ek noted that pricier premium plans did not cover a huge chunk of their strategy. “Instead, we’re working with our label partners to work, to figure out what’s the best opportunity to do that—and that’s a more complex trade,” he said during a conference call about their earnings for the first quarter.
“When the timing’s right, we will raise it,” he said then.
Since Spotify was launched in 2008, it has gained over 200 million premium subscribers as of July 2023.
Premium users are able to use the app ad-free, download offline music, and access quality music streaming.