FILE- This March 20, 2018 file photo shows the Spotify app on an iPad in Baltimore. Music streaming service Spotify says it's cutting 6% of its workforce, becoming yet another tech company resorting to layoffs as the economic outlook worsens. CEO Daniel Ek announced the restructuring in a message to employees that was also posted online Monday, Jan. 23, 2023. (AP Photo/Patrick Semansky, File) (Patrick Semansky, Copyright 2018 The Associated Press. All rights reserved.)
Spotify announced Monday it will increase the price of its premium service by $1, to $10.99.
The music streaming giant said existing premium plan subscribers would be notified via email of when the increase would kick in, and they would be given a one-month grace period before it becomes effective unless they cancel before the period ends.
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It represents the first price increase for the company since 2011.
