Spotify and YouTube’s premium pack is now slightly pricier

The cost for Spotify and YouTube’s premium service has now increased, for Spotify the increase in price is the first time in more than a decade.

On Monday, Spotify announced a $1 price increase for its premium service, bringing the total to $10.99.

Existing premium plan subscribers will be notified via email when the price increase takes effect, and they will be given a one-month time frame before it takes effect, unless they cancel their subscription before the grace period expires.

It is the business's first price increase since 2011. Spotify Premium offers users an unlimited amount of individual songs to play at their leisure, in addition to being ad-free.

Bloomberg News claimed last month that Spotify was preparing a new super-premium tier that would reportedly include hi-fi audio.

A few days prior to Spotify's announcement, YouTube announced it would be raising the monthly fees for its individual YouTube Premium plan by $2 to $13.99 and its YouTube Premium Music service by $1 to $10.99. Over the past year, the cost of Apple and Amazon's music subscription services has also gone up.

Spotify announced in April that it had more than 500 million users. A tech news outlet noted that less than half of those were paid subscribers and that Spotify's paid-to-free subscriber ratio has been "in free-fall."

Following the announcement on Monday morning Spotify's stock decreased by nearly 5%. On Tuesday, the company is expected to release its earnings.