Spotify has increased the cost of its premium membership tiers
The Swedish music-streaming business Spotify said on Monday that it is raising the price of its premium membership plans in the United States. This is the company’s second price increase in as many months.
Over the following month, Spotify subscribers in the United States will get notifications about the new subscription option.
Monday morning saw a more than 4% increase in Spotify shares.
For users in the U.S., an “Individual” plan will cost $11.99. A “Duo” plan will cost $16.99, and a “Family” plan will cost $19.99. The “Student” plan will still cost $5.99.
In a blog post, Spotify stated that it is increasing rates in order to «continue to invest in and innovate on our product features.»
Spotify raised the cost of their Individual offering to $10.99 in July 2023. Additionally, it raised the cost of its Student offering, Family plan, and Duo plan to $16.99, $5.99, and $14.99, respectively. According to a press statement from the firm at the time, the market environment has «continued to evolve» since Spotify’s introduction.
Apple Music, a rival to Spotify, raised the price of its membership in late 2022. The monthly cost of an individual subscription is $10.99, as stated on Apple’s website.
