Spotify Unveils Price Hike for U.S. Premium Plans

On Monday (June 3), Spotify revealed it will be raising the prices of its premium subscription plans in the United States, marking the Swedish music-streaming giant’s second price increase within a year.

U.S. users will be informed about the new pricing over the next month. Following the announcement, Spotify’s shares rose by over 4% on Monday morning.

The updated pricing will set the cost of an “Individual” plan at $11.99, a “Duo” plan at $16.99, and a “Family” plan at $19.99. The “Student” plan will remain at $5.99.

Spotify explained that the price adjustments are necessary to “continue to invest in and innovate on our product features,” as stated in a company blog post.

Previously, in July 2023, Spotify had increased its Individual plan to $10.99, while raising the prices for its Duo, Family, and Student plans to $14.99, $16.99, and $5.99, respectively. At that time, the company cited the evolving market landscape as a reason for the changes.

This move follows a similar trend by Spotify’s competitor, Apple Music, which increased its subscription prices in late 2022, with individual plans starting at $10.99 per month.

Source: Ashley Capoot / CNBC