Spotify raises price for the first time

Spotify has canceled high-priced podcast contracts for stars like Prince Harry and Meghan Markle. Credit: ANGELA WEISS/AFP via Getty Images

The downturn in the advertising market has hit Spotify's advertising-funded revenue. and there are growing concerns that streaming services are being manipulated by bots and fake songs.

Spotify is also grappling with the underperformance of its costly podcast bet, where it has fired staff and canceled deals with high-profile partners such as the Duke and Duchess of Sussex.

The company said: “The market landscape has continued to evolve since our launch. To enable us to continue to innovate, we are changing our Premium pricing in a number of markets around the world. These updates will help us to continue to benefit fans and artists on our platform. ”

in many Spotify markets, also raises the prices for students and two people, raising them in the UK in 2021.

The increase in prices will be considered as a key test of consumers' readiness to pay more for streaming and can foresee further growth in the future.

P> The Netflix stream video service has constantly raised prices over the past few years after many years of waiting to feel the soil. .