News around the block suggests that music streaming platform, Spotify is gearing up for a price hike across different regions with the United States already one of those that has had a change in subscription rates.
According to reports, Spotify is planning a big change to its subscription plans and it is happening very soon. Several news media companies have been reporting about it for a while now and it will be no surprise once the new prices take effect.
With some regions already experiencing the change, Africa could be included too though the number of people who stream music in the motherland is not as high compared to other countries with several people still relying on downloaded music and compiled playlists on their phones, PCs and other media.
Of course, Spotify is justifying its new price hike in efforts to boost its profit margin but also including a new set of features to go along with it. The new price plan is expected to include HiFi audio streaming and more advanced settings for creating and managing playlists and entire song libraries.
Once the price change drops, it’s reported that it will cost around $5 more on average depending on the region, which makes it about a 40% increase in price for most regions. Recently, Spotify increased its subscription plan in the US by $1 to increase its profit margin which was for just a single plan.
However, the Duo plan asks $2 more, while the family package is up $3. So, if you haven’t updated your monthly expenditure, it’s time you did before your bank hits you with a surprise message.
Spotify has made several changes over the years
For a platform that started as a music streaming service, it has surely expanded its services into other areas such as podcasts, audiobooks and even music videos. It also recently started offering video-based learning courses in the UK partnering with companies like BBC Maestro, PLAYvirtuoso, Skillshare, and Thinkific in the UK for now.
The prices are expected to go up by about $1 per month for individual plans to $2 per month for the family plans and duo plans in the UK, Australia, Pakistan, and two other unnamed markets. In the US, its largest market, a price hike is coming later this year based on reports.
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