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Spotify has increased the price of multiple Premium tiers in the US less than a year after its first hike in the country.
An Individual plan now costs $12 per month (up from $11). A Duo subscription is priced at $17 per month (an increase from $15), while the Family option has jumped from $17 to $20. Students still pay $6 per month.
Spotify began by charging $10 per month for a solo Premium account, and left that price alone for over a decade.
The company said it was raising prices to continue to “invest in and innovate on” its products and features, but didn’t provide more detail. It noted that trial subscribers would pay the previous $11 rate for their first month.
The streaming service expanded into audiobooks several months ago in a bid to counter Amazon’s Audible and similar services. It also appears to be readying its long-promised lossless music streaming, and has put features like AI playlist generation behind Premium. While it’s not clear that the price hikes are connected, they could help Spotify shoulder some growing expenses.
There are competitive concerns, however. This now makes Spotify more expensive than competition like Apple Music and Amazon Music Unlimited. Those services also have perks that Spotify doesn’t yet offer, such as spatial audio.
Spotify is still the dominant streaming music service in the US with over 100 million users, and has the benefit of a network effect where sharing activity and tracks encourages listeners to stay subscribed. However, the impact of the newly raised prices isn’t yet clear. There’s a possibility they might drive customers to the competition, particularly those who are interested in multi-service bundles like Apple One.
