Spotify is a well-known music streaming platform that offers a wide range of songs across different genres. Users can conveniently create playlists and discover new artists with similar music preferences. However, Spotify has recently announced a price increase for its Premium subscription plans, with some plans seeing up to a 20% rise, equivalent to a $2 increment.
In the United States, Spotify’s Premium Individual subscription now costs $10.99, increasing from $9.99. The Premium Duo plan has been adjusted to $14.99, up from $12.99. The Premium Family plan is now priced at $16.99, rising from $15.99, and the Student offering costs $5.99, up from $4.99. Spotify is raising prices in various other countries, including Canada, France, the U.K., Mexico, and Australia.
The company stated that the price increase is aimed at supporting ongoing innovations and ensuring the continued delivery of value to both fans and artists on its platform.
What Does the Spotify Price Increase Mean for Subscribers?
As a subscriber, you will witness no changes to your plan except for the amount you pay. Users will get a one-month grace period to adjust to the price increase. For existing subscribers, they should have already received an email in their inbox about the price adjustment on their plan. For users on a free trial, there will be an additional month at the original price once the trial period ends.
The price increase by Spotify doesn’t come as a complete surprise, as other major music streaming services have also raised their prices in recent months. Apple was the first to do so in October last year, followed by Amazon in January this year, and more recently, Tidal and YouTube Music Premium also announced increases. In each instance, the primary change was a $1 increment in the cost of a standard individual monthly subscription, from $9.99 to $10.99.
According to Statista, Spotify is the leading audio streaming service globally, boasting 210 million paying subscribers. The platform offers an extensive library of over 100 million tracks in the OGG format, along with additional features like podcasts and audiobooks.
Spotify has been hinting at a premium HiFi subscription with lossless audio since 2021, but it has not been launched yet. Meanwhile, since 2018, the platform has also been providing an ad-supported version for users.