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Spotify raised its subscription prices in the US last July, increasing the Premium individual plan by $1 to $10.99. This was just two years after a similar price hike for the Family plan in 2021. Now, a year later, Spotify is bumping up prices again. This time, all plans, including Premium Duo and Family, are affected.
Beginning in July 2024, Spotify Premium will see a $1 increase, bringing its price to $11.99. Meanwhile, the Premium Duo plan will experience a $2 hike, raising its cost to $16.99. The Family plan will undergo the biggest increase, jumping $3 from $16.99 to $19.99.
New users trying out Spotify will pay the current rate for the first month of their trial. After that, they will start getting charged at the higher price from their next billing cycle. Wondering why Spotify is hiking its premium plan prices again? Well, the company says:
We’re increasing the price of Premium Individual plan so that we can continue to invest in and innovate on our product offerings and features, and bring you the best experience.
Spotify dropped the news about the price hike in a blog post and plans to send emails to its current users. This bump in the US comes hot on the heels of a similar move in key global markets like the UK and Australia, announced just recently.
However, the increase in prices probably won’t slow down Spotify’s expansion. Despite the hike last year, the Swedish company managed to reel in a whopping 113 million free users and 31 million paid ones in 2023. Along with some layoffs, this move helped the company bounce back, reaching more than 600 million users and almost $4 billion in revenue in Q4 2023.
