Spotify’s recent announcement of a price increase for its premium subscription plans in the U.S. marks the second hike in a year, aiming to support ongoing investment and innovation in product features.
The new pricing structure includes an “Individual” plan at $11.99, a “Duo” plan at $16.99, and a “Family” plan at $19.99, while the “Student” plan remains at $5.99.
The company will notify U.S. users about the change over the next month.
Spotify increases U.S. premium plan prices to $11.99, citing a need for ongoing product innovation.
This increase follows a previous adjustment in July 2023, when Spotify raised its “Individual” plan to $10.99, along with increases for the “Duo,” “Family,” and “Student” plans.
Spotify’s decision reflects the evolving market world since its launch, with the company aiming to maintain competitiveness and enhance user experience.
In comparison, competitor Apple Music raised its subscription costs in late 2022, with an individual subscription starting at $10.99 per month.
These price adjustments from both streaming services highlight the ongoing challenges of content licensing and the need for continuous investment in music platforms to meet consumer demands.
Despite the increase, Spotify remains a popular choice for music streaming, with shares rising more than 4% following the announcement.
The company’s commitment to innovation and enhancing its offerings suggests a focus on long-term growth and sustainability in the competitive streaming market.
