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Spotify hikes subscription fees for Aussies

Spotify says the price hike will allow it to “invest in and innovate” its product offering and features.

·Finance Reporter

Updated 25 July 2023 at 2:54 am·2-min read

Spotify has announced a price increase for premium subscribers. (Source AAP)

Millions of Spotify users will soon pay more for their subscription, with the music streaming giant announcing price hikes today.

Spotify revealed it would be increasing the price of its Premium Individual plan from $11.99 to $12.99 per month.

Its Premium Duo plan for two accounts will increase from $15.99 to $17.99 per month, while its Premium Family plan for up to six accounts will increase from $18.99 to $20.99 per month, and Premium Student plan will increase from $5.99 to $6.99 per month.

Also read: Amazon Prime jacks up subscriptions by 40 per cent
Also read: Binge launches ads on $10 monthly subscriptions
Also read: Netflix, Disney, Amazon Prime: The big changes coming to streaming services

Spotify told customers the price hikes would allow it to “continue to invest in and innovate on our product offerings and features, and bring you the best experience”.

Existing subscriptions will have received an email this morning explaining what the price hike means for their account. Spotify said customers would be given a one-month grace period before the new price kicked in.

The streaming service is increasing premium prices in markets around the world, including the United States.

Spotify Premium gives subscriptions access to ad-free music, along with features like the ability to download music and play songs in any order.

It’s not the only streaming service to announce price hikes recently, with Amazon Prime increasing prices from $6.99 to $9.99 a month, or from $59 to $79 for an annual membership.

Aussies cutting back on subscriptions

Around 30 per cent of Aussies have made cutbacks on subscription services as the cost of living rises, according to recent research by NAB.

Aussies are saving an average of $52 each month or $624 each year, by cutting back on TV and music streaming services and other subscriptions they no longer need.

Those aged 18 to 29 were the most likely to cull their subscriptions, with 41 per cent saying they had made cutbacks.

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