Spotify has announced a price increase to its Premium plans. The Premium Single price is going up by a Dollar from $9.99 to $10.99 for subscribers in the US. The price hike is Spotify’s first since the company launched its Premium tier over a decade ago. The Premium Duo and Premium Family Plans will now cost $14.99 and $16.99, respectively, while the Premium Student plan is now $5.99.
Spotify has held back applying a price hike to its services, but it seems only a matter of time after competitors like Apple Music, YouTube Music, and Amazon Music raised the prices for their ad-free plans. In the post announcing the price hike, Spotify said it is making the move “so that we can keep innovating” and promised that “these updates will help us continue to deliver to fans and artists on our platform.”
The countries where the price increase will take effect, as announced by Spotify, are:
Andorra, Albania, Argentina, Austria, Australia, Bosnia and Herzegovina, Belgium, Bulgaria, Brazil, Canada, Chile, Colombia, Costa Rica, Cyprus, Denmark, Ecuador, Estonia, Spain, Finland, France, United Kingdom, Greece, Guatemala, Hong Kong, Croatia, Indonesia, Ireland, Israel, Iceland, Italy, Lithuania, Luxembourg, Latvia, Monaco, Montenegro, North Macedonia, Malta, Mexico, Netherlands, Norway, New Zealand, Peru, Portugal, Serbia, Sweden, Singapore, Slovenia, Slovakia, San Marino, Thailand, Türkiye, United States, Kosovo.
On an FAQ page, the company says that existing Premium subscribers will be notified via email and be given a one-month grace period before the new prices take effect.
In April, Spotify announced its strongest first-quarter earnings since 2018. The streaming giant now has over 500 million monthly active users and over 200 million Premium subscribers.