After 12 years, Spotify is increasing the monthly price of Premium for the first time.

Since the streaming platform first launched Premium in the US in 2011, it kept the monthly price at $9.99. However, it’s increasing the price by one dollar to $10.99, the company says in a new statement.

“So that we can keep innovating, we are changing our Premium prices across a number of markets around the world,” Spotify says. “These updates will help us continue to deliver value to fans and artists on our platform.”

In the UK, not only will the price of an individual Spotify Premium subscription go up from £9.99 to £10.99, but the cost of a Duo membership is also rising from £13.99 to £14.99, and a Family membership will now set you back £17.99 rather than £16.99. Student memberships are remaining the same at £5.99.

Prices are also increasing in France, too, at similar rates to the UK and US.

While it might not be welcome news, it’s not exactly unexpected. Over the last few months, most of Spotify’s streaming rivals have also announced price increases. Apple first rose prices in October last year, while Amazon followed suit in January.

Tidal and YouTube Music then announced increases this month, before Spotify. For all platforms, the main price increase in the US is the same. A single monthly membership has increased from $9.99 to $10.99.

Meanwhile, Spotify CEO Daniel Ek hinted at an increase during an earnings call in April, saying that the streaming platform was “ready to raise prices”. The Wall Street Journal reported last week (21 July) that a price rise was thought to be imminent. That turns out to have been the case.

As of 31 March, Spotify had 210 million paying subscribers globally – a 15% increase year on year – and 515 million monthly active users.

The post Spotify increases Premium subscription price for the first time appeared first on MusicTech.