Why it matters: Spotify has become the latest streaming platform to raise rates across the board. The Swedish music streaming provider in increasing the cost of its Premium Single subscription to $10.99, a $1 increase over the current rate. Premium Duo, meanwhile, is going up by $2 to $14.99, Premium Family will increase by one buck to $16.99, and the student rate will climb from $4.99 to $5.99 per month.

Spotify said the changes will allow them to keep innovating and delivering value to fans and artists around the world. Notably, it is the first rate hike for Spotify Premium Single users in the US since the service debuted stateside in the summer of 2011.

Existing customers in affected markets will receive an e-mail today explaining the changes in detail. An FAQ on the matter mentions a one month grace period before the new pricing goes into effect. Similarly, those currently on a trial offer will have one month at the original price after the trial ends before the new rates kick in.

Spotify is the last major music streaming specialist to increase rates. Apple got the ball rolling last October with a subtle $1 rate hike, a decision that was duplicated by Amazon in January. Tidal and YouTube Music Premium followed suit earlier this month with their own dollar increases.

Shares in Spotify are trading down nearly five percent on the news as of this writing.

Spotify Premium subscribers are free to cancel their membership at any time if the new rates are too much to bear. The company also offers a free, ad-supported plan albeit with more restrictions than its paid plans.

Unfortunately for high fidelity fans, Spotify made no mention of its pending HiFi lossless service. The hi-res tier has reportedly been ready and waiting to launch for well over a year, but uncertainty with regard to pricing has kept the company from introducing it.

Countries impacted by the rate hike are listed below:

Andorra, Albania, Argentina, Austria, Australia, Bosnia and Herzegovina, Belgium, Bulgaria, Brazil, Canada, Chile, Colombia, Costa Rica, Cyprus, Denmark, Ecuador, Estonia, Spain, Finland, France, United Kingdom, Greece, Guatemala, Hong Kong, Croatia, Indonesia, Ireland, Israel, Iceland, Italy, Lithuania, Luxembourg, Latvia, Monaco, Montenegro, North Macedonia, Malta, Mexico, Netherlands, Norway, New Zealand, Peru, Portugal, Serbia, Sweden, Singapore, Slovenia, Slovakia, San Marino, Thailand, Türkiye, United States, Kosovo.

Image credit: Mohammad Metri, Omid Armin