There can be multiple reasons behind a company’s decision to increase the price of its products. While companies rarely give a rationale as to what triggered the prices of their products to increase, Spotify is an exception, as it’s announced a price hike for its Premium subscription plans alongside the reason behind the decision.

Spotify has announced changes to its Premium prices across several countries in America, Europe, and Asia. The reason behind the price hike, as stated by Spotify, was to “keep innovating.” The Premium subscription now starts at $5.99, up from $4.99 for students, and goes up to $16.99 for the Family tier. The Premium Individual has also increased by $1 and now costs $10.99. Premium Duo, on the other hand, has increased from $12.99 to $14.99.

With the increase in price, Spotify has joined Google, which recently increased the price of YouTube Premium and YouTube Music streaming plans. But unlike Google, Spotify announced the increased prices more formally and also explained the reason, though “innovation” could be just another word for the company simply wanting to increase its revenue at a time when fears of an impending recession are growing across the world.

The updated pricing for the Spotify Premium plans is live, so anyone wanting to get a new subscription will have to pay according to the current pricing. However, for existing customers, Spotify is sending an email notifying users about the change in Premium plans and offering a grace period of one month to decide if they want to continue enjoying the same ad-free music, offline music download, and other Premium features by opting for any of the updated subscription tiers. For users on trial, Spotify will offer you Premium access at the original price for a month before bringing the new prices into effect.

If new Premium prices sting, you can cancel your subscription and enjoy ad-supported service from Spotify after the grace period is over, though you won’t get the highest-quality audio you enjoyed with your Premium plan previously. However, it's worth pointing out that the sound quality will also depend on how good of audio circuitry your phone has. To clear up your confusion, we have an expert guide on the best smartphones you can buy. But if you don't like where Spotify is headed, make sure to check out the list of the best music streaming apps for some great alternatives.