New Delhi:- Spotify has announced it will raise prices for its 200 million ad-free subscribers for the first time in over a decade.

In the US, the cost increases from $9.99 to $10.99 (£8.57) for the Individual plan. Similar price increases apply to the UK, Canada, Australia and 49 other territories. The move follows other streaming services that have raised subscription costs as well.

“In order to continue to innovate, we are changing our premium pricing in many markets around the world,” the music streaming service announced Monday.

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“These updates help us continue to deliver value to our fans and artists on our platform.”

In the US, the Premium Duo plan will increase from $12.99 to $14.99, the Family plan from $15.99 to $16.99, and the Student plan from $4.99 to $5.99.

The Verge says UK premium subscribers are paying an extra £1 a month.

Spotify said users will be given "a one-month grace period before the new prices take effect, unless they cancel before the grace period ends."In 2021, the company increased prices for its family plan in the US and its student, duo and family plans in the UK.

Individual subscriptions have not been affected so far. Apple Music, Peacock, Netflix, Max and Paramount+ also recently increased their subscription prices.

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The new Spotify Premium will cost the same as subscriptions from rivals Apple Music and Amazon Music. Sweden's CEO Daniel Ek said on an April earnings conference call that the company aims to "raise prices in 2023."

"When the time is right, we will raise our prices. We think this price increase will be well received as it provides significant added value to our customers," Ek said.

The music giant cut 6% of its workforce in January, citing the need to improve efficiency. The company will continue to offer a free plan with ads.

On Spotify he has 515 million active his users in over 180 markets, of which about 40% are subscribers.

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The Music Giant has come with its new subscription in 52 territories for the ad-free subscribers this time for millions of dollars.