Just when you thought your music streaming bill couldn’t get any higher, Spotify decides to hit a higher note—on your wallet. On Monday, the Swedish maestro of music streaming announced it is raising the cost of its premium subscription plans in the U.S. This marks the second time in a year that Spotify has decided to tune up the price.
If you’re one of the many U.S. Spotify users, prepare for a discordant jingle in your inbox over the next month. Yes, that’s your notification about the new pricing.
In Wall Street’s, Spotify’s shares danced to a different tune, rising more than 4% on Monday morning. Investors seem to love the sound of more money.
Here’s the new pricing symphony: an – Individual – plan will now set you back $11.99. For those harmonizing in pairs, the – Duo – plan will cost $16.99. Got a whole band? The – Family – plan hits $19.99. And the – Student” – plan? Still a relatively sweet-sounding $5.99.
According to Spotify, this price crescendo is to ensure they can “continue to invest in and innovate on our product features.” Translation: more features, higher costs.
If you recall, back in July 2023, Spotify had already adjusted the price of its Individual offering to $10.99. Duo, Family, and Student plans also saw hikes to $14.99, $16.99, and $5.99 respectively. They cited the ever-changing “market landscape” as the reason back then.
So, as Spotify users brace for the latest hike, the message is clear: to keep the music playing, be prepared to pay.
(Source: Forbes | Deadline | Hollywood Reporter)
