Less than a year after its last price increase, Spotify is raising its prices again as streaming media companies grapple with rising costs. This latest hike, beginning in July, will see US subscribers paying $1 more per month for the ad-free premium plan, now priced at $11.99 monthly—a 20% increase over the past two years. According to Spotify, this adjustment allows them to invest in product innovation and deliver the best user experience.
Other subscription tiers are also affected. The Duo plan, allowing two people to split a premium plan, will see a $2 increase to $16.99 per month, while the family plan will rise by $3 to $19.99 monthly.
Spotify’s move follows similar price hikes across the streaming industry, with Paramount, Warner Bros. Discovery, NBCUniversal, and even Netflix all increasing prices in pursuit of profitability. Despite these adjustments, Spotify’s stock has seen a positive response, increasing over 2% in premarket trading and nearly 60% for the year.
As streaming services continue to evolve, users may face higher costs for access to their favorite content.
