Popular music streaming platform Spotify has confirmed that it will be raising its prices for Australian users.
“The price of Premium Individual is changing from A$11.99/month to A$12.99/month,” the streaming giant said.
This is the first price change for Spotify Premium in over a decade, with the last being in 2011.
This news comes as a number of other streaming platforms are adjusting their prices, or reworking their business models.
Netflix, Peacock and Amazon Music have all made similar announcements in the past year, raising questions about the effectiveness of the streaming model.
In a press release, the streaming giant said the reason for the changes was so the platform could “keep innovating”.
In their press release, the company explained that “the market has continued to evolve” since its launch in 2008, and “these updates will help us continue to deliver value to fans and artists on our platform.”
Spotify has over 200 million Premium subscribers worldwide, and existing users will be notified by email about the changes, and given a one-month grace period before they go into effect.
Following the news of the price changes, Spotify stock has fallen almost 5%.
