Stockholm.- Spotify Technology on Monday raised the prices of its Premium plans in several countries, including Mexico, as the music streaming company seeks to increase profitability amid an uncertain global economy.
In the case of Mexico, the plan for Students increased by 12 pesos, the Individual plan increased by 14 pesos, and the Duo and Familiar plans became more expensive by 20 pesos.
This is how the rates of Spofity Premium plans increased in the country: – Students: from $57 to $69 per month
– Single: $115 to $129 per month
– Duo: $149 to $169 per month
– Family: $179 to $199 per month
With a Premium account, Spotify users have access to ad-free listening to music, as well as downloading songs offline, among other benefits.
“We increased the price so that we can continue to invest and innovate in our offer of products and functions, and to give you the best experience,” the platform mentioned to its users via email.
In a statement, it added that it has more than 200 million Premium subscribers, making it the most popular audio streaming subscription service in the world.
“Since its launch in 2008, Spotify has innovated and invested to create the best audio experience for you and your favorite artists and creators,” he commented in the newsletter.
“The market landscape has continued to evolve since Spotify launched. In order to continue to innovate, we are changing our Premium pricing in various markets around the world,” he added.
The other countries where Spotify raised its prices are Andorra, Albania, Argentina, Austria, Australia, Bosnia and Herzegovina, Belgium, Bulgaria, Brazil, Canada, Chile, Colombia, Costa Rica, Croatia, Cyprus, Denmark, Ecuador, United States, Slovenia, Slovakia, Estonia, Spain, Finland, France, Greece, Guatemala, Hong Kong.
In addition to Indonesia, Ireland, Israel, Iceland, Italy, Kosovo, Lithuania, Luxembourg, Latvia, Monaco, Montenegro, North Macedonia, Malta, Norway, New Zealand, the Netherlands, Peru, Portugal, United Kingdom, Serbia, Sweden, Singapore, San Marino, Thailand and Turkey.
In the United States, the measure will result in a price increase of one dollar, with which the Student will cost $5.99, the Individual $10.99, the Duo $14.99, and the Family $16.99.
Spotify has sought in recent months to boost its margins with hundreds of layoffs and a restructuring of the podcasts unit, which it had built with an investment of billions of dollars.
The price increases come at a time when streaming services, both audio and video, are under increasing pressure from investors to increase profitability after years of prioritizing user growth.
Rival services from Apple, Amazon and Tidal have increased prices this year, while YouTube also increased prices last week on its premium monthly and yearly plans in the US for the first time since the subscription service launched in 2018.
Spotify, which had indicated in April that it would raise prices in 2023, also raised prices in 46 countries last year. The Sweden-based company is due to report its second-quarter results on Tuesday.
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