Spotify is increasing its prices for premium subscriptions in 53 territories, including New Zealand, the UK, Canada, and the US. The price hike will take effect from September.
In New Zealand, individual plans will rise from $15 to $17 per month, duo plans from $18.99 to $22.49 per month, family plans from $22.50 to $25.99 per month, and student plans from $7.49 to $8.99 per month.
The company stated that price increases are necessary to keep up with the evolving market landscape and to continue delivering value to both users and artists on its platform.
This move comes as Spotify faces financial challenges and recently laid off around 2% of its global workforce in its podcasting division and had an earlier round of layoffs earlier this year to reduce costs.