Spotify is planning to raise its advertisement-free premium streaming plan price by $1 per month, following moves by Netflix and Peacock.
The rate hike, which would increase the individual Premium Plan to $10.99 per month, is part of a trend in the streaming industry.
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Amazon Music raised its Unlimited Individual Plan from $9.99 to $10.99 per month, and YouTube Music increased its individual music plan price from $8.99 to $10.99.
Apple Music also raised prices in October, with individual users paying $10.99 and families paying $16.99 per month.
Netflix adjusted its subscription model, eliminating its cheapest ad-free plan for new customers in the U.S. and U.K., driving them towards more expensive ad-free plans or cheaper plans with ads.
The Netflix ad-free Standard Plan costs $15.49 per month, while the Premium Plan with four simultaneous streams is $19.99, and the Standard With Ads Plan costs $6.99 per month.
This month, NBCUniversal’s Peacock increased its Premium Plan rates from $4.99 to $5.99 per month and its ad-free plan from $9.99 to $11.99.
The streaming wars are intensifying as companies seek to remain competitive in a growing market.
Just two days ago, SurgeZirc NG reported that YouTube had raised its premium subscription fee, much to the displeasure of existing subscribers.
The monthly cost has been raised from $11.99 to $13.99. SurgeZirc NG also learned that the price change will affect both old and new subscribers.
Spotify’s move to raise prices aims to maintain its position in the industry, but it remains to be seen how customers will respond to the increase.
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The streaming landscape is continuously evolving, with various players trying different strategies to attract and retain subscribers.
As consumers have more choices than ever, streaming services are seeking ways to differentiate themselves and offer compelling value propositions.
