However, the move is likely to be closely watched by other players in the music streaming industry, many of whom have struggled with balancing profitability with the need to offer competitive pricing. In addition, some analysts note that the subscription price increase is unlikely to have a significant impact on Spotify’s user base, which currently stands at over 365 million monthly active users worldwide.

Some expressed disappointment at the prospect of paying more for the same service, while others pointed out that Spotify remains significantly cheaper than many of its competitors. The news received mixed reactions from music lovers and industry insiders. Similarly, the company said price increases in 2023 are necessary so that it can continue to invest in new technology and content that will improve the user experience. At the time, the company cited rising costs and increased investment in new features and content as reasons for the price increase. This is the first time Spotify has raised the price of a subscription since 2018 when it increased the price of its family plan.

Spotify pricing plans