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In a move aimed at improving profit margins and reaching its ambitious goal of 1 billion users, streaming giant Spotify has announced plans to raise the prices of its premium individual subscriptions in various markets.
The affected regions include South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region. The announcement was made by Alex Norstrom, Spotify's Co-President and Chief Business Officer, in an interview with a newspaper, as reported by the Financial Times.
The price increase will see the monthly rate for the premium individual subscription rise from its current €10.99 to €11.99 in these markets. This change is set to take effect from September 2025, although some sources suggest that the new prices may be implemented as early as August 2025 for various plans.
However, Spotify did not confirm these reports when contacted by Reuters. The exact details regarding the implementation of the new prices are yet to be fully disclosed.
The decision to raise prices is a result of cost-cutting efforts in recent years that have helped Spotify achieve its first annual profit last year. The additional revenue is intended to fund new features and improvements to the platform, according to Alex Norstrom's interview.
The new price for the premium individual subscription in the specified markets will be €11.99 (RM58.82). It remains to be seen how this price increase will impact Spotify's user base and overall growth strategy.
This news comes as Spotify continues to compete with other streaming services such as Apple Music and Amazon Prime Music, both of which have also been increasing their subscription prices in recent times.
As always, we will keep you updated on any further developments regarding this story. Stay tuned for more updates from the world of streaming and entertainment.
