Spotify: music steaming service announces price increase for users - how much more will you pay for Premium?

Spotify users are being warned that their monthly subscription to the service is set to increase after the music streaming service announced a new price hike for customers.

It marks the first time that prices have increased since 2011. While the platform has become one of the biggest music streaming services in the UK, Spotify cut 6% of its staff in January and announced the end of high-profile partnerships and deal with celebrity names, including Prince Harry and Meghan Markle among those having their original podcast deal scrapped.

Spotify claims almost 230m premium subscribers who pay to use the full service. An additional 290 million people are said to use the streaming service's ad-supported free version.

It comes after other streaming services announced a price hike amid the cost of living crisis and soaring bills. Netflix was the latest to announce that it was scrapping its 'basic' advert-free plan for customers, with user only having the option to pay more for advert-free watching or choose a lower priced plan that is supported by adverts.

But how will the new Spotify pricing affect its users? Here's everything you need to know.

How much money will Spotify Premium increase by?

The new price increases will see the monthly bill for millions of customers increase by £1. The cost of a single-person Premium subscription to Spotify in the UK is due to increase from £9.99 per month to £10.99, while a family plan - which allows for up to six accounts at the same address on the same subscription - will increase from £16.99 per month to £17.99 per month.

The recently-introduced Spotify Premium Duo allows for two people at the same address to share a reduced-price subscription. The monthly cost will increase from £13.99 to £14.99.

A Premium Student subscription is the only option which will remained unchanged in price. It will stay at the monthly price of £5.99.

Speaking of the new price increase, the company said: "So that we can keep innovating, we are changing our Premium prices across a number of markets around the world. These updates will help us continue to deliver value to fans and artists on our platform."

When will the new Spotify prices be introduced?

For new customers looking to sign up, the price change will be effective immediately

For those concerned about the price increase immediately hitting their bank account, the company has issued guidance on this. Spotify has said that its users will be given "a one-month grace period before the new price becomes effective, unless they cancel before the grace period ends".