Spotify is raising the price of premium subscription

The music-streaming company, which has more than 200m Premium subscribers, said the move will result in a $1 increase for US-based plans.

This means the price of a single plan will now start at a monthly rate of $10.99 duo at $14.99 the family plan at $16.99 and the student plan at $5.99.

The price of UK-based plans is set to increase by £1, according to technology news website The Verge.A total of 53 countries will be affected by the price hike, including Spain, Australia, Canada and France.

The company said existing subscribers will be notified one-month before price changes come into effect.It comes as the other streaming services have also raised prices due to increasing pressure from investors to boost profitability after years of growing user numbers.






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