Spotify is raising its prices. Here's what to expect

Spotify is increasing its prices for the first time in 12 years.

On July 24, the music streamer announced it would increase the cost of its premium subscriptions by up to an additional $2 a month. In a news release, Spotify shared that subscribers to the platform will receive an email explaining the adjustments to their accounts for Premium Individual, Premium Duo, Premium Family and Premium Student.

“The market landscape has continued to evolve since we launched,” the release said in part. “So that we can keep innovating, we are changing our Premium prices across a number of markets around the world. These updates will help us continue to deliver value to fans and artists on our platform.”

According to Spotify, more than 200 million subscribe to its Premium tiers which provide users access to on-demand and ad-free songs and offline music downloads.

The price changes mean that, per month, Premium Individuals will pay $10.99, Premium Duo subscribers will pay $14.99, Premium Family subscribers will pay $16.99 and Premium Students will pay $5.99.

The streaming giant's price adjustment comes on the heels of similar hikes and changes in the industry.

Last week, Netflix revealed that it would no longer provide its cheapest streaming plan to subscribers in the U.S. and the U.K. In the shakeup, the video-on-demand service eliminated its Basic plan, which offered U.S. subscribers access for $9.99 per month.

In March, YouTube TV announced that it would increase its subscription fee by $8. The service attributed the change to content costs and service quality. The change saw the streaming television service operated by Google jump from $64.99 per month to $72.99 per month.

Apple increased its Apple Music and Apple TV+ subscription prices for the first time in October 2022, according to Variety.

This article was originally published on TODAY.com