Streaming music service Spotify will be adding $1 in monthly subscription costs in the US.
Once announced and placed in effect, the monthly cost for the ad-free plan will go from $9.99 to $10.99 in the US. Historically, it’s the first time the company has undergone a price hike since it launched. It’s believed that Spotify’s inability to acquire profit has made the move a must. The Wall Street Journal reports that the subscription hike will be announced on July 24 and subsequently take effect over the next few months.
Competitors such as Amazon Music currently offer unlimited music for $10.99 and $8.99 for non-Prime subscribers and Prime subscribers, respectively. Apple Music recently underwent a price change as well in October, from $9.99 to $10.99. Spotify claims the top spot in ‘most used streaming service’ in the US, while Apple Music stands in second place.
